Fannie Mae offers buyers looking for a primary residence a big carrot if they buy one of their foreclosed homes by the end of the year!
Like a car dealership at the end of its model year, Fannie Mae is offering special incentives exclusively for owner occupants that purchase property from its sizable inventory of foreclosures, also known as HomePath properties.
Owner occupants who purchase a Fannie Mae HomePath property by December 31 will receive up to 3.5% toward closing costs and a home warranty!
These incentives for foreclosures are unheard of - banks typically sell foreclosures "as-is" without incentives, warranties, or repairs.
Sacramento home buyers who are looking for their primary residence can purchase HomePath properties for 3% down and no mortgage insurance! For homes that are not in tip-top shape, Fannie Mae also offers the HomePath Renovation financing, allowing the cost of light renovation to be included in the mortgage.
Furthermore, owner occupants get a 15-day "first dibs" on HomePath properties through the First Look program. This means that only offers from owner occupants will be reviewed for the first 15 days the property is on the market.
Buyers should be sure to take a second look at Fannie Mae's HomePath properties before settling on "the one." It could mean not just a great deal but an excellent one.
To see Fannie Mae's HomePath homes, check out HomePath.com
Here are the Terms and Conditions of their incentive:
- The 3.5% seller contribution is to be used towards closing costs, including a home warranty, if desired and available..
- Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of a bonus shall be resolved by Fannie Mae in its sole discretion.
- Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
Our team has several Fannie Mae listings in Elk Grove and Sacramento! Give me a call and we can discuss if one of them meets your needs!
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My job is to get you the best deal I can and help you navigate through our complex Sacramento Real Estate Market. My team works directly with many banks to sell their foreclosed homes... so I HAVE A LIST OF HOMES NOT YET ON THE MARKET! Interested in Sacramento HUD homes? Check out my other blog I write dedicated to Sacramento HUD Homes for sale!
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