Fannie Mae has a glut of repossessed or foreclosed homes in the Phoenix area as well as many other metropolitan areas. As a response to the number of homes that Fannie Mae has in its inventory to sell, Fannie is now offering home buyers upto 3.5% in closing cost assistance.
Requirements for Fannie Mae Incentives
In order to take advantage of the incentive, you, as the home buyer must:
- Close escrow before December 31, 2010,
- Close your Fannie Mae Homepath mortgage financing loan within 60 days of the signed sales contract.
- Use the Fannie Mae HomePath Mortgage Financing program to purchase the home.
- Live in the home as an owner occupant which means investors and people buying second homes cannot qualify for the incentive.
Fannie Mae has also extended their incentive to real estate agents who represent home buyers buying these Fannie Mae Homepath Homes. Real estate agents can collect a bonus from Fannie Mae of up to $1,500.
Learn more about Homepath Mortgage Financing