Fannie Mae HomePath Mortgage Contributes 3.5% Closing Cost Incentive on Homes in Dallas

May 2, 2011 by · Leave a Comment 

Homepath Incentive on Dallas Fannie Mae Bank Foreclosures

HomePath Mortgage Fannie Mae Home Bank Foreclosues
Fannie Mae HomePath Bank Home Foreclosure Incentives

In an effort to move Fannie Mae bank foreclosure  inventory and increase home sales, Fannie Mae is currently offering home buyers up to 3.5% in closing cost assistance through June 30, 2011.  HomePath is a Fannie Mae mortgage home buyer program that allows borrowers to purchase a Fannie Mae property with a low down payment, flexible mortgage terms, no home mortgage insurance, and no lender requested appraisal. 

Fannie Mae HomePath mortgage financing provides buyers with several different loan program options and incentives on home bank foreclosures  including  fixed-rate, adjustable rate, and interest-only.  HomePath allows provides renovation mortage programs to purchase properties in need of repair.  The loan amount includes both the funds needed to purchase the home and for renovation up to 35% of the as completed value, not exceeding $35,000. 

HomePath Mortgage Fannie Mae Property Requirements:

  • Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
  • The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
  • The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
  • Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
  • Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
  • If a buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Fannie Mae Homepath Mortgage Benefits:

HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.

  • Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
  • Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  • No lender-requested appraisal.
  • No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
  • Expanded seller contributions for closing costs allowed.
  • Available for primary residences, second homes and investment properties.
  • Many condo project requirements are waived; ask your lender for details.

The Fannie Mae HomePath Buyer Mortgage program began on April 11, 2011 and runs through June 30, 2011.  Time is running out, contact one of our agents to learn more about Bank Home Foreclosures in Dallas that qualify under the Fannie Mae HomePath program.  Fannie Mae suggests contracts on homes in Dallas should be submitted on or before May 15th, 2011 to allow ample time for processing and close before the June 30, 2011 deadline.

Homes For Sale in Dallas | Dallas Home Buyer Incentives

If you are considering buying a home in Dallas, be sure and check out the Fannie Mae mortgage home buyer incentives currently available.  Ask one of our agents about special home rebates, discounts, and incentives you be eligible for whether you are buying, selling, or renting a home in Dallas.  Our agents specialize in all types properties in Dallas including homes, new homes, townhomes, condos, lofts, and high rises.

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