Fannie Mae Covers Closing Costs on HomePath Properties

As part of their neighborhood stabilization program, Fannie Mae is offering buyers’ assistance through a couple of different programs, HomePath and First Look.

HomePath

HomePath helps buyers buy covering their closing costs, up to 3.5% of the home’s purchase price.

To qualify, buyers must be purchasing a HomePath property; this is a home that is owned by Fannie Mae, usually as the result of a foreclosure or owner forfeiture.  Buyers need to make the initial offer on the home on or after June 14, 2011, and the purchase must close by October 31, 2011; initial offers made prior to June 14 are not eligible.

First Look

In addition to HomePath program, Fannie Mae also offers an edge to buyers hoping to purchase a primary residence (as opposed to investors, or buyers looking for a second home). Under the First Look program, only offers from primary-residence buyers will be considered during the first 15 days that a Fannie-owned REO property is on the market.

Redfin agents and partner agents are always available to help you make a purchase on a Fannie Mae-owned property.

  • Renting in Mass

    If you can't afford the closing costs, you can't afford to buy a house!

    • BryanHowell

      Thanks for the comment, Renting in Mass!

      I definitely agree with your point — people overspending on homes they couldn't afford is one of the things that got us into this housing mess in the first place. On the other hand, even though my wife and I saved up for a home and purchased with the standard 20% down, plus closing costs, I've seen a few houses in the HomePath program in our area that I definitely would have been willing to consider.