HomePath Offers New Incentive to Durham Home Buyers
Tuesday, February 9th, 2010
Like every other lender, Fannie Mae has its share of bank-owned property [called REO, or Real Estate Owned]. Unlike most other lenders, however, Fannie Mae is taking some aggressive steps to move that inventory. most recently, Fannie Mae has stepped up to offer a 3.5% incentive to buyers who buy one of the homes listed on their HomePath website. The 3.5% incentive can be used for the following
- Closing costs
- The purchase of new Whirlpool appliances by Fannie Mae
- Any combination of closing costs and appliances up to the 3.5% limit
Like anything, this offer has some limitations;
- Offers must be accepted on or after January 28, 2010
- Property sales must close before May 1, 2010
- Buyers must be owner-occupants, investors are excluded
This is a great incentive to get people looking at HomePath, especially since the $8,000 tax credit can’t be used towards a downpayment. The incentive gets you past the closing and into the home, while the $8,000 tax credit can take care of the first six months of payments.
If you’re interested in making an offer on a HomePath home, please send me an email. To take advantage of the $8,000 tax credit, you must have a home under contract by April 30, which is less time that most people think.
On Christmas Eve the Treasury Department announced that it was lifting the caps that limited the amount of available capital for Fannie Mae and Freddie Mac. Prior to Christmas Eve, each company was limited to $200 Billion of capital from the Federal government [read taxpayers]. the decision was, in the opinion of the Treasury, “necessary for preserving the continued strength and stability of the mortgage market.” Now, and through the end of 2012, the Federal government [again, that's you and me] are guaranteed to cover all losses of the two companies. You can see more of the details in 
