HomePath financing is available for your buyers thru myself and All Western Mortgage. Fannie Mae is offering up to 3.5% toward closing costs (limited time) along with all the other benefits/incentives of purchasing one of these homes. Check out the information below and if you have any questions, please do not hesitate to give me a call.
Fannie Mae announced on Friday that homebuyers may receive up to 3.5 percent in closing cost assistance when they purchase a HomePath® property in 27 states during the FirstLook™ period. To be eligible for the incentive, the initial offer must be submitted between February 14, 2014 and March 31, 2014, and the loan must close on or before May 31, 2014.
The FirstLook period, which was extended from fifteen to twenty days, is a special marketing period that allows homebuyers to bid and purchase foreclosed properties before they are made available to investors. The FirstLook Program benefits borrowers looking to purchase a new primary residence, especially in areas where Investors are saturating the market.
Tell your borrowers/real estate partners to look for the and logos when reviewing FNMA REO properties. FNMA has also added properties where repairs and improvements have been made prior to being listed for sale. These properties can be identified by the following symbols, in addition to the FirstLook and Homepath logos:
Properties with this logo have had certain repairs performed by The Home Depot as a preferred repair contractor for Fannie Mae. The Home Depot offers a one-year limited warranty on all repairs it performed.
Properties with this logo have had certain repairs performed by Fannie Mae-approved repair contractors.
Buyer and Buyer's Agent must meet the following qualifications to be eligible for the incentive:
- Buyer and/or Buyer's Agent must request the incentive at initial offer. Buyer's agents should request and note the incentive in Section 38 of the Purchase Addendum during the online offer process.
o Initial offer must be made on or after February 14, 2014, and on or before March 31, 2014. If an offer was made before February 14, the buyer/buyer's agent is not eligible for the incentive.
- If buyer/buyer's agent bust out of the existing offer to submit a new offer in order to be eligible for the incentive, the incentive will not be offered.
o Property must be in an active First Look period.
- HomePath property sale must close on or before the mutually agreed closing date, but not later than May 31, 2014.
- Only owner occupants (no second homes) purchasing a HomePath property may receive up to 3.5% in closing cost assistance. Not eligible on tenant occupied properties.
- Buyers must sign the Owner Occupant Certification (available on homepath.com and the Public Lender Files in the Equator Library).
- Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
- 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.
For more details, visit: http://www.homepath.com/closingcostassistance.html
CALL CASEY MOSEMAN FOR FURTHER ASSISTANCE