Fannie Mae Offers Help with Closing Costs
by Joel Carson
Fannie Mae’s got your back when it comes to high closing costs. You can get up to 3.5 percent in closing cost assistance with the HomePath® Buyer Incentive. But, you’ve got to act fast.
Before you go shopping for Salt Lake City homes for sale, Utah homes for sale, or any home be sure to enlist the services of a savvy licensed real estate professional. These opportunities are easy to miss if you’re not working with a sharp, experienced Realtor trained to negotiate the best possible deal for you. The professional representation of a buyer’s agent should cost you nothing. Yet, it could save thousands and thousands of dollars off your home purchase.
Following is the low down about the HomePath® Buyer Incentive straight from the horse’s mouth (or, in this case a Fannie Mae online publication).
HomePath® Buyer Incentive
Fannie Mae is currently offering buyers up to 3.5 percent in closing cost assistance through June 30, 2011. [This means you should submit your initial offer no later than May 15 in order to close by the deadline.]
The HomePath property buyer must meet the following qualifications to be eligible:
Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.
Retail and public entities are eligible for the incentive; however pool and auction sales are not eligible.
The incentive may not be available for a property where Fannie Mae acquired the property in connection with financing under a reverse mortgage. Ask the listing agent for details
Let RE/MAX Masters help you find the perfect home in Utah. The Salt Lake Valley is full of great Utah homes at bargain prices. Visit www.allutahhomes.com to begin shopping now. Call 801-673-3333 for details.
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