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.

  • guest

    This is absurd.  All the foreclosures/short sales and poor decision making by individuals/banks are the reason for the current market.  Yet…the people running this useless organization continue to put short fix policies in place that only punish those that made the correct decisions and purchased within their means.  Let the MARKET work itself out.  It always has.  Fannie and Freddie…please retire already.  Haven't you done enough???

    • BryanHowell

      Thanks for your comment, guest! I'm willing to bet that there are plenty of readers who feel the same way.

  • Jdack36

    Make sure you have inspection clause in your contract. Fannie Mae seems to use substandard contractors and change premium for cheap paint and carpet. 
    Fannie Mae, ripping off taxpayers since 1938 :-)

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