Two More Reasons to Buy a Fannie Mae-Owned Home

Posted on February 9, 2010. Filed under: First Time Buyer help, Lenders & Loan info, Making Life Easier, Orange County Real Estate | Tags: , , |

Buyers Get New Closing Cost Assistance and Appliance Incentives From Fannie Mae

Good news for home buyers. Fannie Mae is giving you a 3.5% incentive if you buy and close on a Fannie Mae-owned home. This amazing offer will be on the table between January 28 and April 30, 2010. If you purchase a property listed on HomePath.com and the deal closes within this time frame, you may get up to 3.5% of the final sales price for: 

  • Closing costs

  • The purchase of a new Whirlpool® appliances by Fannie Mae

  • Or if buyer prefers, a combination of closing cost and appliance discounts up to the maximum 3.5%.

Eligibility Requirements:

  • Offers must be accepted on or following January 28, 2010;

  • Property sales must close prior to May 1, 2010, and;

  • Buyers are required to be owner-occupants. Investors can’t get in on this.
Sounds like a good deal to me. If you're interested in taking advantage of these amazing incentives, I'd leap right into action and talk to a 
qualified lender today. And if you'd like help finding the home of your dreams, I'm here to help. Contact me at 949.338.7408 or angie@askangie.com. 
Or follow me @AngieWeeks or @WeeksTeam.

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3 Responses to “Two More Reasons to Buy a Fannie Mae-Owned Home”

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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

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! 🙂

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!


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    Orange County, CA Real Estate for hip first-time buyers and investors. Plus, fun things to know and do in OC.

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