Wednesday, April 13, 2011

Guaranteed 3.5% Seller-Paid Closing Costs

Here's some great news from Fannie Mae:

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011, if they purchase a HomePath property. The buyer does NOT have to get HomePath financing to get the closing cost assistance.

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.
HomePath properties are properties that are owned by Fannie Mae after a foreclosure. If the buyer obtains HomePath financing, they do NOT require an appraisal, there is NO mortgage insurance, the minimum down payment is only 3% (can be from a gift), and condos have relaxed approval guidelines.

Here's the link to check out HomePath properties:

Need a HomePath lender? Look no further. The Mortgage Experts provide HomePath financing! Call us at 303-345-3683 for details.

All the really cool real estate agents send their clients to the video library on our web site.  Here is the link:

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Want to make sure your loan closes?  Call us at 303-345-3683.

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