Fannie Mae - 3.5% Closing Cost Assistance on Foreclosures

To encourage the purchase of HomePath properties, Fannie Mae will offer up to 3.5% closing cost assistance from April 11 through June 30, 2011. Owner occupants purchasing a HomePath property can receive up to 3.5% of the final sales price to be used toward closing cost assistance.

Eligibility
The HomePath offer, buyer and selling agent must meet the following qualifications to be eligible for either incentive:

  • Buyer incentive must be requested at the initial offer submission.
  • Initial offer must be submitted on or after April 11, 2011 (the effective date of the incentive program).
  • The property sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
  • Owner occupants only. Buyers purchasing a HomePath property as their primary residence may receive up to 3.5% of the final sales price towards closing cost assistance (second homes and investment properties are excluded). Additionally, buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
  • Retail and public entities are eligible for the incentive; however pool and auction sales are NOT eligible. In certain instances where the insurer will not permit it, the incentive will not be available.
  • Fannie Mae reserves the right to remove any property from the 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.






    Note: Fannie Mae can give no assurance on the time required to close, but initial offers submitted after May 15, 2011 are particularly uncertain for closing by the incentive deadline of June 30, 2011.

    Financing
    Buyers should consult their lender for guidance.  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.

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