Fannie Mae released the news on January 28, 2010 that they are offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on the HomePath website that are closed within this period may receive up to 3.5% of the final sales price for:
- Closing Costs
- The purchase of new Whirlpool appliances by Fannie Mae or
- A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%
To be eligible for this incentive:
- Offers must be accepted on or after January 28, 2010
- Property sales must close before May 1, 2010
- Buyers must be owner-occupants, investors are excluded
This is an incentive part of the ongoing effort to stabilize these neighborhoods. Terry Edwards, Executive Vice President of Credit Portfolio Management had this to say:
Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help. Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home.
Properties eligible for this incentive are listed on the HomePath website 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 financing which offers homebuyers an opportunity to purchase with as little as 3% down. As of this posting, there are 930 homes available in Colorado.
If you are interested in the special HomePath Mortgage financing, you will want to be sure to find a lender who is participating in this program. There are currently only 20 lenders in the entire state of Colorado, of which we are one. If you would like to apply online for financing, you can do it through our website.
The HomePath website allows you to put in very specific search criteria to find a home in your desired area that fits your needs.
Lending A Hand
Marla Wynn
The Wynn Team
Tags: Appliances, Assistance, Closing Costs, Fannie Mae, Financial Assistance, HomePath, Incentive
