Many Home Buyers have asked me about the Fannie Mae HomePath financing and whether Fannie Mae will pay the buyer’s closing costs. I found the following article on line and thought you would appreciate the information.
Fannie Offers 3.5% HomePath Incentive
Homebuyers interested in a foreclosed property held by Fannie Mae can get a special incentive to help with closing costs, but they need to act quickly.
From now through the end of March, homebuyers who make an offer on a Fannie Mae HomePath property in certain states can qualify for closing cost assistance equal to up to 3.5 percent of the purchase price, the company has announced.
The temporary offer is available to buyers purchasing a home for their own use or for certain public entities, but not to those seeking to buy investment property.
“This incentive will provide more opportunities for families to find a property to call home,” said Jay Ryan, Vice President of REO Sales. “Our goal is to sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery.”
HomePath is Fannie Mae’s program for selling foreclosed, or Real Estate Owned (REO) properties that have come into its possession.
Can be used to buy points, reduce rate
To qualify, homebuyers must make an offer on a property during what is called the First Look period, when it is made available to owner-occupants or public entity buyers only, without competition from investors. That period was recently extended to 20 days, up from 15 days previously.
Borrowers can not only use their incentive to reduce their standard closing costs, but in some cases may be able to use it to reduce their mortgage rate by applying it toward the purchase of discount points.
To qualify for the incentive, buyers must make an offer on a HomePath property by March 31, 2013, and close by May 31, 2013.
The special incentive is available on properties in 26 states and one U.S. territory, listed as follows: Arizona, California, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, Ohio, Oregon, Puerto Rico, Tennessee, Virginia, Washington, West Virginia and Wisconsin.
Potential buyers can search for available properties on the HomePath web site at www.HomePath.com.
First published on MortgageLoan.com at: http://www.mortgageloan.com/fannie-offers-35-homepath-incentive-9667
Let me help make your dream of homeownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, make this year the year to make your homeownership dream come true.
Please email me today Kathleen@BeckHomeLoanPro.com or call
916-722-0395 to get started on your dream of homeownership.
A person you can count on.
West Coast Mortgage Group
Sacramento, CA 95818
Tagged #15 year loan, #30 year loan, #BeckHomeLoanPro, #buying homes, #Buyingahome, #credit score, #homeownership, #KathleenBeck, #lending, #mortgages, Beck Home Loan Pro, Fixed-rate mortgage, Mortgage loan, PrePayment Penalty, Real Estate by Kathleen Stewart Beck., Refinancing #HomePath #FannieMae , #SacramentoMortgageLender