Fannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost! A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.
In order for the home buyer to be eligible for the Fannie Mae HomePath incentive, they must take Fannie Mae’s online home buyer class, which cost $75. Fannie Mae will reimburse the $75 to the home buyer at closing on a HomePath property. The class must be completed and the home buyer must obtain a certificate from the class prior to making an offer on a Fannie Mae HomePath property.
The incentive is available for first time home buyers, which is defined as someone who has not owned a home in the last three years, who are going to occupy the home as their primary residence.
Your Real Estate Broker must request the incentive (seller contribution) on the Fannie Mae HomePath website when they submit the online offer and language must also be included in the purchase and sales agreement.
The property must be listed on Fannie Mae’s HomePath website and be eligible for the program.
The home buyer can use any mortgage program (Fannie Mae HomePath is no longer a mortgage program). The incentive could be combined with the down payment assistance programs, such as Home Advantage – the only catch is that the home buyer will have to take two home buyers classes (a WSHFC approved class and Fannie Mae’s class).
For more information and full terms and conditions to the Fannie Mae HomePath incentive program, click here.
If you are considering buying a Fannie Mae HomePath property or any home located in the state of Washington, I’m happy to help you! Please click here if I can provide you with a mortgage interest rate quote for a home located in Washington state.