Fannie Mae announced that people purchasing a Fannie Mae owned HomePath property can receive up to 3.5% of the final sales price to be used toward closing costs assistance or their choice of appliances. The offer is available to anyone buying a home and playing to live in the home if the purchase closes before May 1, 2010.
The properties eligible for the incentive are listed on the HomePath.com website and most of the listings include detailed property information. Fannie Mae is trying to reduce the number of homes it has and owner occupied homes can help to stabilize neighborhoods.
The incentive allows buyers to choose between closing cost assistance or appliances. If the buyer chooses appliances, there is a list of Whirlpool appliances that are available. Fannie Mae may also pay to remove the old appliances and install the new ones. Some of the appliances available are refrigerators, stoves, dishwasher and microwaves. Washer and dryers are not available on the program. The buyer may also choose a combination of closing costs and appliances.
The incentive must be written into the purchase agreement and is effective for those purchase agreements written after January 28, 2010 and closing before May 1, 2o1o. Individual lenders may have limitations on the use of the 3.5% incentive, so you will want to speak with your lender if you are purchasing a Home Path home and using this incentive.
