Buyers looking to purchase a bank-owned home in Delaware, Ohio or the rest of Central Ohio can get a break on closing costs with one national servicer.
Fannie Mae announced on Tuesday that it would revive its buyer incentive program which allowed buyer’s to get up to 3.5% of their closings costs paid for them.
While, the home owner is still required to come up with a downpayment of about 3.5% of the purchase price (or more) this will allos the buyer to save a significant amount of money – about $3,500 for a $100,000 purhcase — when they are signing those final documents at the closing table.
Of course as a government program, there are rules and hoosp to jump through.
FannieMae has made it easier for home owners to purchase foreclosed homes by offering closing cost assistance. (original photo by Zsuzsanna Kilian / sxc)
- Initial offer must be submitted on-or-after April 11 and sale much close on or before June 30
- Only good on Fannie-Mae owned HomePath properies
- Property must be owner-occupied
Not too bad – especially as government offers go – in terms of restrictions. FannieMae ran a successful program last year with a similar program. No word from HUD if it will also resurect its program from 2010.
“Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover,” said Terry Edwards, executive vice president of credit portfolio management. “Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home, so this is a great time for Fannie Mae to offer some assistance.”
FannieMae does offer its own HomePath financing but buyers are not requried to use it to receive the discount.
