Fannie Mae HomePath® Buyer Incentive Program

Fannie Mae has added a buyer incentive to their HomePath® mortgage program (For more information on the Home Path Program go to Fannie Mae Home Path Mortgage ). Fannie Mae is currently offering buyers up to 3.5% in closing cost tassistance through June 30, 2011.

The HomePath® property buyer must meet the following qualifications to be eligible:

• Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
• The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
• The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
• Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
• Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
• If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Note: Fannie Mae can give no assurance on the time required to close, but initial offers submitted after May 15, 2011 are particularly questionable for closing by the incentive deadline of June 30, 2011.

Call me today to find eligible properties in your area and to start the mortgage approval process. I can be reached at 708.473.7688 or BarkerLoans@gmail.com. To apply online please visit www.BarkerLoans.com.