Friday, November 18, 2011

Fannie Mae HomePath Closing Cost Incentive Expires

Fannie Mae Dumps Closing Cost Incentive

Get yours anyway!

As of 10/31/11 Fannie Mae is no longer offering its wildly popular 3.5% closing cost incentive to buyers of their foreclosures.  However, savvy home buyers can still received up to 6% of the purchase price towards their closing costs.

How you ask?

First you need to know how much to ask for.  Knowing how much to ask for starts with knowing how much your closing costs will be.  You don't want to ask for too little or you may not have enough to cover all your closing costs and you don't want to ask for too much or your offer might get rejected outright.

Work with a loan officer who can give you a estimate of what your closing costs, interest rate and payment will be upfront, BEFORE you write your offer.  Otherwise, you might be caught short funds to close and pay closing costs out of pocket.  This estimate will let you know what amount of funds will be needed to close your loan.

Second, your real estate agent must write this amount into the offer.  Remember, if you don't ask for it upfront, you wont get it.

If you have a specific property in mind and you want to write an offer that will cover your closing costs visit .  They will assign you to a lender who can make sure your offer gets started on the right track, as well as provide you with financing for your HomePath Loan.

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