I’ve recently received word that some of our local Pacific Northwest mortgage lenders are a part of Fannie Mae’s HomePath Mortgage Financing program. If you’re the market for a great deal on a Pacific Northwest home purchase, this program might be for you.
About the HomePath Mortgage Financing Program:
Here is the basic information (please contact me for further details)…
Fannie Mae works with its lending partners to help homeowners avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, it is their goal is to sell properties as soon as possible in order to minimize the impact on the local community. The HomePath Mortgage from Fannie Mae eases financing requirements to help facilitate a sale and protect home prices.
Benefits of using the HomePath program to purchase your next Pacific Northwest home:
- Low down payment and flexible terms for fixed-rate or adjustable-rate mortgages
- Borrowers may qualify even with less-than-perfect credit
- Available to both owner-occupiers and investors
- Down payment (at least 3% – primary residence, 10% – second home, 15% – investment) can be funded by borrower’s savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
- No mortgage insurance
- No appraisal
Limited Time Closing Cost Assistance
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers who purchase eligible properties that are closed within this period may receive up to 3.5% of the final sales price for:
- Closing costs;
- The purchase of new Whirlpool® appliances by Fannie Mae; or
- A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%*.
To be eligible for closing cost incentives:
- 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 from the 3.5% incentive
*Some limitations on the use of the 3.5% incentive may apply so buyers should consult their loan officer for guidance.
To find a Pacific Northwest home that qualifies for the Fannie Mae HomePath program and closing cost incentives, please give me a call! An expert Pacific Northwest Real Estate agent, I can help you find an affordable home in Whatcom, Skagit, Island, or San Juan County!