BiggerPockets

Special Offers From Fannie Mae - Your closing costs and appliances paid for!

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

·         Closing costs;

·         The purchase of new Whirlpool® appliances by Fannie Mae; or

·         A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

·         Offers must be accepted on or after January 28, 2010

·         Property sales must close before May 1, 2010

·         Buyers must be owner-occupants, investors are excluded

Contact a Fannie Mae listing broker for more information. OR search here: http://www.homepath.com/

*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult Vision Mortgage for guidance.

Buying a home? Take Advantage of a Federal Income Tax Credit

New legislation was approved which extends the First-Time Homebuyer Credit for homeowners through April 30, 2010 with a 60-day cushion beyond that date to complete closing. The program broadens benefits to existing homeowners and now includes:

·         $8,000 tax credit for first-time homebuyers

·         $6,500 tax credit for existing homebuyers who have lived in their current residence for at least five years but want to relocate to a new primary residence

·         Increased income limits for individuals and couples

For more information about this program, click here. Also, speak with Vision Mortgage, an accountant or an attorney to learn more about how this may apply to you.

First Look for Fannie Mae Homes

First Look is designed to provide owner occupants and buyers using public funds a “first look” at Fannie Mae homes. Under First Look, Fannie Mae will only consider offers from owner occupants and buyers using public funds during the first 15 days a property is listed in the local multiple listing service (MLS). If the property is still for sale on the 16th day, investor offers may be submitted and will be considered.  Ask a Fannie Mae listing broker for more information. OR search here: http://www.homepath.com/