Fannie Mae Offers Closing Cost Assistance
For a limited time, Fannie Mae will give eligible homebuyers in 27 states (Arizona is 1 of 27) up to 3.5 percent in closing cost assistance when they purchase a HomePath property during the property’s “First Look” period.During the FirstLook period, owner-occupant or public entity buyers are able to submit offers on HomePath properties, giving them the opportunity to purchase homes without competition from investors.
To be eligible for the incentive, the initial offer must be submitted between February 14, 2014 and March 31, 2014, and close on or before May 31, 2014. The incentive will offer qualified buyers up to 3.5 percent of the final sales price to pay closing costs. In many cases, buyers could use these savings to buy down their interest rate through upfront points, resulting in additional savings over time. Buyers can work with the lender of their choice to determine if this is an option.
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