Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through October 31, 2011 to homeowners who close on an owner occupant property and meet all eligibility requirements. Terms and Conditions:
- Buyers must request the incentive upon submission of initial offer.
- Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
- Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.
- Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.
- Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.
- Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
- Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
- Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible.
- Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive.