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Special Offers
HomePath® Buyer Incentive: June 14 – October 31 Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through October 31, 2011. A $1,200 selling agent bonus is also available to selling agents who close on an owner occupant property and meet all eligibility requirements and terms and conditions.
Terms and Conditions:
- Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer.
- Initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
- Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)
- Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.
- Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.
- Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
- Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
- Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing agent for details.
- Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
- Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.
Fannie Mae's innovative First Look period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants, public entities, and their partners can submit offers and purchase properties without competition from investor offers.
The First Look period is typically the first 15 days a property is listed on HomePath.com. Properties within the First Look period now include a countdown clock on the property details page, which displays the number of days remaining for owner occupants and public entities to submit offers. If the property remains available for sale after the expiration of the First Look period, investor offers may be submitted and will be considered along with all other offers.
Ask a Fannie Mae listing broker for more details.
If you are concerned that the First Look marketing period is not being handled appropriately on a particular property, please contact the Fannie Mae Resource Center immediately at 1-800-732-6643.
Need help financing your new home?
Many state and local housing authorities offer financing programs that can assist you with the purchase of your new home. These public funds programs can provide down payment assistance, counseling, and more for those who qualify. Currently many local housing authorities and non-profit groups are offering HUD's Neighborhood Stabilization Program funds through special financing programs for homebuyers. For more information about the NSP programs available in your area, please click here.
Fannie Mae is committed to meeting the mortgage and housing needs of communities across the country, therefore buyers using public funds are very important to us. Fannie Mae supports buyers using public funds in many ways, including the following:
· The earnest money requirement for individuals using public funds is only $500. Fannie Mae waives the earnest money requirement for public entities using public funds to purchase a Fannie Mae owned property
· Once an offer using NSP funds is accepted, Buyers have the opportunity to renegotiate their offer after receiving an NSP required Uniform Residential Appraisal value for the property.
· The standard closing period for a public funds offer is 45 days, which allows the time it may take to fulfill the NSP requirements for funding.
· During the initial listing and marketing period of a Fannie Mae owned property, Fannie Mae will only consider offers from Buyers using public funds, and Owner Occupants. This period is known as the ‘First Look’ marketing period. The ‘First Look’ period shelters these buyers from competition from investor offers during this time.
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- L. Foust | Capital Reality & Equity
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