Fannie Mae has resurrected a buyer-incentive program that provides financial assistance to purchasers of Fannie Mae-owned HomePath properties. But folks interested in taking advantage of the program will need to act fast — it isn’t scheduled to last very long.
On eligible properties, Fannie Me is offering to pay the buyer’s closing costs (up to 3.5 percent of the sales price). However, the program applies only to primary residences.
Eligibility requirements
There are, of course, qualifications the buyer must meet:to be eligible for the HomePath offer:
• The buyer must request the incentive with the initial offer submission.
• The initial offer must be submitted no later than April 11, 2011; and the property sale must close no later than June 30, 2011.
• Buyers must be owner-occupants — auction, pool and investor sales are excluded.
Want to find out if there are any HomePath properties in your area that are eligible? The Fannie Mae HomePath site homepage provides a customizable property search of Fannie Mae-owned properties that fit the bill.
Here’s the official HomePath site detailing the home buyer incentives.