This 3.5% assistance applies to Homepath properties, but it is available only during a small window of time. Homepath is an excellent financing program available for Fannie Mae-owned homes. Check out the features of Homepath in my previous blog, but as a quick highlight:
- it allows as little as 3% down(previously was 5%)
- no appraisal report is required
- no Mortgage Insurance is charged
You can find the details for the closing cost incentive directly on Homepath’s site.
Also, if closing costs end up being less than 3.5%, you can use the difference towards buying down the rate, so make sure you discuss this with your mortgage professional. Happy House Hunting!
