Closing cost assistance is a welcome incentive for home buyers as we begin to approach a more balanced real estate market here in Phoenix, Arizona.
Update: 3.5% Closing Cost Assistance Deadline Has Been Extended To April 30th, 2014.
Fannie Mae Offers Closing Cost Assistance.
Fannie Mae will be offering to pay for buyers’ closing costs to encourage potential home buyers to purchase their Homepath® properties. Fannie Mae homes for sale are also referred to as bank owned properties or REOs.
The closing cost assistance offered to home buyers will be 3.5% of the purchase price and the program is available in the state of Arizona, as well as 26 other states.
As a quick example, on the purchase of a $200,000 home, you will receive $7,000 ($200,000 x 3.5%) towards your closing costs .
Time Is Limited (Really).
There is a short window of opportunity for their closing cost assistance program. As a home buyer, you must make an offer on one of Fannie Mae’s homes during their FirstLook™ period between February 14, 2014 and March 31, 2014. The home must close on or before May 31, 2014.
Making an offer on a Fannie Mae Homepath home is very simple. Once you have located the home that you would like to make an offer on, just contact your real estate agent and they will do the work for you.
The First Look™ Period Is Extended.
Fannie Mae has also announced that they will be extending their FirstLook buying period from 15 to 20 days.
According to their announcement, Fannie Mae’s goal is to “…sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery.”
This is a great opportunity for home buyers to limit their out of pocket costs when purchasing a home. If you would like more information on Fannie Mae’s closing cost assistance program or their bank owned properties for sale here in Phoenix, please feel free to fill out the form below.
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