Minnesota Mortgage Blog

Starting yesterday Fannie Mae announced the new buyer and agent incentitves. They are now offering buyers up to 3.5% in closing cost assistance through October 31, 2011. A $1,200 selling agent bonus is also available to selling agents who close on an owner occupant property and meet all eligibility requirements and terms and conditions.

• Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer.
• Initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. 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. (Note: 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. Ask the listing agent for details.
• 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. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
• Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion

If you need assistance with Homepath Financing we can help.  Call your White Bear Lake Area Mortgage Specialists at 651-484-1474 to find out more about how this program can help you get into a new home!