UPDATE: Fannie Mae has announced that they are extending the program from their initial deadline. Now, initial offers must be submitted by the deadline of April 30, 2014, to be eligible for the incentive. Sales must close on or before June 30, 2014.
On Thursday, Fannie Mae announced that they will begin offering qualified buyers an incentive of 3.5% of the final sales price to assist them in paying closing costs. The incentive can be used on Fannie Mae owned properties (foreclosures). To be eligible for the incentive, buyers must submit their initial offers between February 14th and March 31st, and the home must go to closing on or before May 31st, 2014.
Jay Ryan, Vice President of REO Sales at Fannie Mae stated, “This incentive will provide more opportunities for families to find a property to call home. Our goal is to sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery.”
Along with this new incentive, Fannie Mae has extended the “First Look” period from 15 to 20 days. The First Look period gives buyers planning to live in the home, the first chance at buying it, by excluding investors within the first 20 days on the market. Fannie Mae’s HomePath also offers buyers a low down payment mortgage option on properties that are owned by Fannie Mae.
Contact me, Troy Stavros with Gables & Gates, REALTORS, today to discuss finding a home that would fit the above criteria or to discuss your real estate goals in general. I am here to serve you, just give me a call!