Mercer Island Real Estate

Fannie Mae this week announced a 3.5 percent sales incentive (off the final sale price) for buyers of a HomePath property.

Fannie Mae offers a HomePath loan on many of their repossessed properties. This amazing bonus is in addition to the loan’s other perks:

3% down payment

No mortgage insurance payments

No property appraisal

Condos do not have to meet guidelines

Minimum credit score 660

The discount, delivered as closing cost assistance, would be available on Fannie-owned HomePath properties on which the initial offer is submitted after April 11, 2011 and the sale is closed by June 30, 2011. The program applies only to primary residences; sales to investors are excluded.

Eligibility requirements
The HomePath offer, buyer  must meet the following qualifications to be eligible for the incentive:
• Buyer incentive must be requested at the initial offer submission.
• Initial offer must be submitted on or after April 11, 2011 and the property sale must close on or before June 30, 2011.
• Buyers must be owner occupants; auction, pool and investor sales are excluded.