Incentive Part of Continuous Effort to Stabilize Neighborhoods
Washington, DC — Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sales to investors are excluded).
"Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance."
All Fannie Mae-owned HomePath properties are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information, and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.
1 comment:
I had a bad experiance with fannie mae. our contract did not go through because fannie may did not want me to have a grace period on my earnest money, wich was $3000. and then they put in a clause that even if the house (2005 carithers dr marietta,ga) did not apraise for the selling price I would still have to pay the dif. or loose my earnest money. ofcourse I did not sign and the put thw house back on the market. I checked around and found that the house was only worth 170000,and our goverment bailed out program is basically taking advantage of honest americans, had i signed that contract more then likely i would have been faced with coming up with $29,000(because the bank only gives what the house apraises for) or loose my earnest money. fannie mae is this fair?
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