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St. Louis Real Estate Search

 

Fannie Mae Offering 3.5 percent Buyer Assistance on HomePath Properties

Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sorry, nothing for investors).“Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover,” said Terry Edwards, Executive Vice President of Credit Portfolio Management. “Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance.”

Many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

To locate Fannie Mae HomePath homes, or for more information you can click here.

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1 comment to Fannie Mae Offering 3.5 percent Buyer Assistance on HomePath Properties

  • Bryant

    What they don’t tell you is that you not only do you pay a higher rate but you must pay 2 discount pts to get that higher rate. So after doing the math the two basically negates not paying PMI. Also they tell you that you can put down less than 3% which carries an even higher rate. To get a 5.5% rate you must put down at least 5%. What I don’t understand if the INTENT of the program is to help families buy a home why do they try to sell you the home higher than Mkt Value. At the end of the day it’s business as usual. That’s why the country is in this fix now regarding real estate. The Gov’t trying to make as much as possible while while spinning that they are trying to help you.