Fannie Mae HomePath Financing and Buyer Incentive Offer Homebuyers Savings

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(Best Syndication News) - Fannie Mae has a Buyer Incentive promotion going on June 14 through October 31, 2011, which will give buyers 3.5 percent in closing-cost assistance. Additionally, the selling agent can get a $1,200 bonus on property transactions that close by October 31. There is also HomePath Mortgage financing options to help with low down payments and a HomePath Renovation Mortgage loan for properties that need mild to moderate repairs.

HomePath® Buyer Incentive Offer June 14 – October 31

The HomePath Buyer Incentive program is going on between June 14, 2011 and ends on October 31, 2011. Some terms must be met in order to be eligible for participation. Those homebuyers that can participate can get up to 3.5 percent in closing cost from Fannie Mae during this promotional period.

The selling real estate agent also gets a $1,200 bonus if they meet the criteria for closing on the transaction. If the sale does not close by October 31, 2011, the bonus is not available to the selling agent.

The homebuyer must also be making the home their primary living location in order to qualify for the closing cost assistance. If the closing cost is under 3.5 percent only the closing costs expenses are covered and no credit amount will be given.

Fannie Mae Financing Options

Fannie Mae HomePath Mortgage loan financing makes it easier for homebuyers to purchase a Fannie Mae owned property. They have low down payments of at least 3 percent. The lender does not require an appraisal and no mortgage insurance is required. However, a homebuyer may still want an appraisal completed and mortgage insurance.

Fannie Mae also has a HomePath Renovation Mortgage loan program that helps finance homebuyers extra so that they complete mild to moderate repairs on a property that they want to buy. Only one loan combines the purchase price of the property and the renovation costs. The renovation cannot exceed more than 35 percent or the maximum of $35,000 of the loan.

To learn more about FannieMae’s HomePath programs and listings visit: homepath.com.

By: John Waters

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