April 12th, 2011 7:49 AM by Kathy Delbridge
Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.
The HomePath property buyer must meet the following qualifications to be eligible:
In a few states, a bonus promotion may be available to selling agents who close on an owner occupant property meeting the above terms & conditions.
Retail and public entities are eligible for the incentive; however pool and auction sales are not eligible.
The incentive may not be available for a property where Fannie Mae acquired the property in connection with financing under a reverse mortgage. Ask the listing agent for details
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.
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.