Foreclosure and HomePath Property
HomePath® Buyer Incentive: June 14 – October 31Fannie Mae is currently offering buyers up to 3.5% in closing
cost assistance through October 31, 2011. A $1,200 selling agent bonus is also available to selling agents who close on an
owner occupant property and meet all eligibility requirements and terms and conditions. Terms and Conditions: - Buyers and/or selling agents (the agent representing the buyer) must request
the incentive upon submission of initial offer.
- Initial offer must be
submitted on or after June 14, 2011 and close by October 31, 2011. Initial
offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
- Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial
offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)
- Buyers must be purchasing a HomePath property to use as their primary residence to receive closing
cost assistance. Second homes and investment properties are excluded from the incentive.
- Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction
sales are ineligible.
- Buyers must sign the Owner Occupant Certification
Rider to the Real Estate Purchase Addendum.
- Buyers with total closing
costs under 3.5% are not eligible to receive the difference as a credit.
- Properties
where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing
agent for details.
- 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.
- 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.
Contact Lori Jarrett, Broker/Owner for details about this special offer and to schedule appointments for active HomePath Listings.
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