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.

  • http://profiles.google.com/absoluteexhilaration Artur Ciesielski

    There are some 1,600 HomePath qualified homes in Greater Phoenix, ranging from $20K – just over $400K – that's a lot to choose from.

  • BryanHowell

    Yeah, Phoenix has definitely been a hotspot for foreclosures, and the range of homes for sale is very inclusive. A lot of nice places, as well as fixer-uppers that can qualify for rehab-specific loans through the same program.

  • http://www.mariocarron.com Bar Broker in Los Angeles

    Small bits of
    content which are explained in details, helps me understand the topic, thank
    you!