The 3.5% credit towards closing costs (and buying down an interest rate, if applicable) is expiring soon! For any Homepath real estate purchase, you can still qualify for the 3.5% credit. So if your purchase price is $400,000, you will receive a credit from Fannie Mae for $14,000. That’s huge!
The details are listed directly on the Homepath website, but to bullet some of the more important aspects to receive this credit:
- The purchase must be for your primary residence (not a vacation home or investment property)
- Purchase must close by 10/31/11 (with how busy lenders are, you need to get into contract ASAP). You also need to see if the seller is able to close in this time frame as well.
- Your real estate agent must request the incentive with the submission of your initial offer
Even if you cannot take advantage of the incentive, Homepath is an excellent financing tool for a home purchase. You can search for homes directly on the website: www.homepath.com. The interest rates are higher with Homepath, but it allows as little as 3.0% down payment with no Mortgage Insurance and no appraisal report requirement.
Happy House Hunting!