FANNINE-ING the FLAMES FOR BUYER BASED INCENTIVES

Fannie Mae has launched a special offer for buyers who purchase a Fannie Mae owned home.  Purchasers will qualify for up to 3.5% in closing cost assistance provided they meet the following qualifications:

  • Buyers submit the initial offer after April 11, 2011 and close by June 30, 2011.
  • Only buyers purchasing a HomePath property as their primary residence may receive the closing cost incentive.  Second home purchasers and investors are excluded from the incentive.
  • Buyers are required to sign documentation attesting to their intention to reside in the property, otherwise known as the Owner Occupant Certification Rider.
  • If a buyer’s total closing costs do not reach 3.5% of the purchase price the difference will not be credited to the buyer.

All Fannie Mae owned properties are available to be viewed on http://www.homepath.com/ .  These properties qualify for HomePath Mortgage financing which offers buyers the option of purchasing a home for only 3 percent down.  Homes that require renovations are available to be financed through HomePath Renovation Mortgage providing buyers the opportunity to roll in the cost of the homes’ renovation project into their loan.

This latest incentive is a win-win for both parties. Traditional buyers face a tough road obtaining financing as banks have clamped down on available loans. HomePath financing offers buyers an alternative mortgage source and, albeit, temporary closing cost incentive.  Fannie Mae hopes that this incentive will persuade droves of buyers to purchase a Fannie Mae owned home, thereby reducing its growing inventory of properties.

The temporary incentive will give traditional buyers an opportunity to take a hard look at Fannie Mae owned homes and possibly be swayed to purchase one given the allure of free cash.  Regardless of the incentive; buyers who purchase homes now, with the intention of staying put for a few years, will do wonders for every micro market. Does Fannie Mae realize that it’s attempting to systematically stabilize prices throughout the nation?  Whether you are a fan or foe of this government entity, you’ve got to give them credit for trying!

17 Comments

  1. Howdy, I just hopped over for your site by means of StumbleUpon. No longer something I might in most cases read, however I appreciated your feelings none the less. Thanks for making one thing worth reading.

    • Thanks so much! Honestly getting picked up by Yahoo News is a bit of a mystery. But keep on writing , visit other blogs and keep changing your key words for every post. Good luck!

  2. I can see that you are an expert at your field! I am launching a website soon, and your information will be very useful for me.. Thanks for all your help and wishing you all the success in your business.

    • Hi .. Good luck with the launch of your new website.. Let me know when it is up and running so I can check it out, as I love interior design!

    • Hi BLT Guy,
      I have to agree with you.. Buy to let WITH a rental yield of 6% is an ideal situation. In Naples obtaining this sort of return is very achievable as we do not have the over supply like neighboring markets such as Orlando or Miami. Our renters are selective and are willing to pay a bit more to live in this desirable local. I would be happy to provide you with some examples for your blog or for your clients.

    • Absolutely Kazuko! So glad I could help you get off the fence.. let me know if I can answer any more of your questions.. Best, Fatima

    • Thanks for your comment Gerald! Its SO motivating to hear that folks like you value what we are doing here at Naples Meridian.

      – Fatima

Leave a Reply

Your email address will not be published. Required fields are marked *