Comments on: Two More Reasons to Buy a Fannie Mae-Owned Home http://blog.askangie.com/2010/02/09/two-more-reasons-to-buy-a-fannie-mae-owned-home/ Orange County, CA Real Estate for hip first-time buyers and investors. Plus, fun things to know and do in OC. Thu, 02 Feb 2012 23:50:38 +0000 hourly 1 http://wordpress.com/ By: Derek Beisner http://blog.askangie.com/2010/02/09/two-more-reasons-to-buy-a-fannie-mae-owned-home/#comment-364 Thu, 11 Mar 2010 21:23:38 +0000 http://blog.askangie.com/?p=563#comment-364 Mike
I hear your frustration, certain loan programs are hard to fit in to. You do have other options. Make sure you have a purchase contract signed by the end of April 2010 to get you tax credit!

]]> By: angieweeks http://blog.askangie.com/2010/02/09/two-more-reasons-to-buy-a-fannie-mae-owned-home/#comment-363 Thu, 11 Mar 2010 18:56:52 +0000 http://blog.askangie.com/?p=563#comment-363 Hi Mike,

Wow, so you matched all criteria and still didn’t get your credit!? That’s terrible! I asked a couple lenders who work with Fannie Mae to review your comment and see if there is anything they can do to help. The last thing we want around here is the rich getting richer. This program is supposed to help ‘normal’ people, just like you! :)

]]> By: Mike Corwin http://blog.askangie.com/2010/02/09/two-more-reasons-to-buy-a-fannie-mae-owned-home/#comment-362 Wed, 10 Mar 2010 16:14:40 +0000 http://blog.askangie.com/?p=563#comment-362 Fannie Mae advertises on their http://www.Homepath.com website and in press releases a 3 1/2% incentive rebate to homebuyers who purchase a home between January 28 and May 1, 2010. The press release states:
Buyers will be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:
Closing Costs
Purchase of new Whirlpool appliances by Fannie Mae.
A combination of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
Criteria for the Closing Cost/Appliance 3.5% Eligibility are as follows:
Sales Contract must be dated on or after 1/28/10.
Property sale must close before 5/1/10.
Owner occupied properties only. Second homes are eligible as long as they are owner-occupied. Investment Properties are ineligible.
Questions about the program are referred to the Listing Agent for the property.

I’ve met all the criteria but have been told I don’t qualify. First I was told that it was because I wasn’t financing the property. When I challenged that I was told that ‘the listing was too new’. Ultimately I was told that any concession needed to be negotiated in the offer phase and since I’d closed I was out of luck. I’ve read a number of similar stories. One broker told his buyer he’d have to bid 3 1/2% higher on the price to get the 3 1/2% rebate. Another was told that his offer wouldn’t be approved if he asked for the rebate.
I think the offer is just another scam on America by the same folks using bailout money to pay themselves huge bonuses.

Mike Corwin

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