Fannie Mae is offering buyers up to 3.5% in closing cost assistance on HomePath properties through December 31, 2010.
Buyers must meet the following qualifications to be eligible for the incentive:
- HomePath property sale must close on or before December 31, 2010 and close within 60 days of offer acceptance
- Only owner occupants purchasing a HomePath property as their primary residence will receive up to 3.5% in closing cost assistance
- the initial offer must be submitted on or after September 23, close within 60 days of offer acceptance and close on or before December 31, 2010. No bonus will be given for investor purchases.
- Buyers must request incentive upon submission of initial offer in order to be eligible.
Note: Offers submitted after November 15, 2010 may be difficult to close by incentive deadline of December 31, 2010.
Terms & Conditions:
- The 3.5% seller contribution is to be used towards closing costs, including a home warranty, if desired and available.
- Retail and public entities are eligible for the incentive however pool and auction sales, and sales to investors are not eligible.
- Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of a bonus 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.
See link to search for Fannie Mae Homepath Homes