FNMA has announced that homebuyers may receive up to 3.5% of the sales price in closing cost assistance on purchase offers submitted on HomePath properties between 2/14/14 and 3/31/14 when purchasing during the First Look period. During the First Look period, owner-occupied buyers are able to submit offers, giving them the opportunity to purchase homes without competition from investors. The First Look period has recently been extended from 15 days to 20 days. Purchases must close on or before 5/31/14.
The incentive will offer qualified buyers up to 3.5% of the final sales price to pay closing costs. If closing costs do not total the 3.5%, the buyer is not able to take the left over amount as a credit back. The incentive is not available on second homes or investment properties.
Prospective buyers can search for properties and easily identify how many days remain on a property’s First Look period by visiting http://www.HomePath.com. “For more information regarding this incentive, please visit the Fannie Mae website for complete details:
Consult your local Realtor for additional information on how to submit an offer to HomePath.
For questions about the Fannie Mae HomePath mortgage financing, please contact me at Ingrid.firstname.lastname@example.org or visit my website at http://www.cobaltmortgage.com/ingridquinn or http://www.scottsdalemortgageexpert.com.