Buyers now can purchase Fannie Mae "lender owned" HomePath homes and "expect" Fannie Mae to pay up to 3.5% toward buyer closing costs (explained further in blog below). If your closing costs are only 3%, they won't take the extra .5% off the price you paid for the home. But on lower priced homes you may need the entire 3.5%. On homes around $150,000 and up you won't need more than 3% unless you can use some of this to buy down your rate (or you have a pricey lender). This is a great help to buyers and will help boost home sales even further. The market in the Phoenix Metro Area has definitely picked up and this will help keep it moving. Now we need more listings as we are down to 3 months inventory due to the increased activity in homes being sold to homebuyers and investors.
Fannie Mae Incentives - Closing Cost Assistance
We are very excited to announce the latest Fannie Mae Incentive! In an effort to help more buyers purchase a HomePath property, a new Fannie Mae incentive is being launched which offers closing cost assistance for buyers and even a bonus for selling agents!
This Fannie Mae Incentive will run from June 14 - October 31, 2011. In other words, all contracts written on or after June 14th which close on or before October 31st, will qualify for the Fannie Me Incentive provided the terms and conditions are followed.
Owner-Occupants (investor purchases do not qualify) purchasing a HomePath property can
receive up to 3.5% of the final sales price to be used toward closing cost assistance.
We specialize in foreclosures and this is a great incentive designed to help more people afford the joys of home ownership. We love being able to assist a young couple get into their first home or even retirees who are finally able to escape the city and move to the mountains.
If you have been thinking about relocating, this is an excellent time to do it. We have many HomePath properties in this area that qualify for the incentive. Interest rates are low and assistance on your closing cost means more cash in your pocket!
You can visit HomePath.com for complete details concerning eligibility and restrictions. Or, simply give us a call and we will be more than happy to provide you will all the details.
By the way, Selling Agents who represent an owner occupant purchaser can receive a $1200 bonus provided they meet the eligibility requirements. If you’re an agent make sure you let all your potential buyers know that now is the time to take another look at a HomePath property.
We look forward to hearing from you!
Bill and Cyndi
Bill and Cyndi Daves, Associate Brokers/AREO
Coldwell Banker High Country Realty
4290 US Highway 64 West - Murphy NC 28906
Bill (828) 361-9419 or Cyndi (828) 361-9783
Office 828-835-8500 Fax (828) 835-9678
Email: bill@teamdaves.com -or- cyndi@teamdaves.com
www.TeamDaves.com
Ron & Brenda Cunningham
WEST USA REALTY
1640 S Stapley #124
Mesa, AZ 85204
Brenda 602.980.3133
Ron 602-499-0694
Fax: 602.863.4623
www.CunninghamHomesAZ.com
*Recognized in the Phoenix Business Journal as One of The Top 50 Realtors in the Valley
