Advertisement

Need help with closing costs? A new program offers 3.5% in assistance

The offer is eligible on properties brought to market through Fannie Mae's Home Path program

February 13, 2014 at 4:15PM

Fannie Mae announced a new program today that offers homebuyers in Minnesota and 26 other states up to 3.5 percent in closing cost assistance when they purchase a HomePath property during what's known as the FirstLook period. Here's how Fannie describes the program:

  • During the FirstLook period, owner-occupant or public entity buyers are able to submit offers on HomePath properties, giving them the opportunity to purchase homes without competition from investors. Fannie Mae recently announced the extension of the FirstLook period from fifteen days to twenty days.
    • To be eligible for the incentive, the initial offer must be submitted between February 14 and March 31 and close on or before May 31. The incentive will offer qualified buyers up to 3.5 percent of the final sales price to pay closing costs. In many cases, buyers could use these savings to buy down their interest rate through upfront points, resulting in additional savings over time.
      • Buyers can work with the lender of their choice to determine if this is an option. Prospective buyers can search for properties and easily identify how many days remain on a property's FirstLook period by visiting www.HomePath.com. Each qualifying property will be identified by the sales incentive icon. HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses.
        • For more details go to www.homepath.com.
          Advertisement
          about the writer

          about the writer

          buchtjd

          More from Minnesota Star Tribune

          See More
          In this photo taken Monday, March 6, 2017, in San Francisco, released confidential files by The University of California of a sexual misconduct case, like this one against UC Santa Cruz Latin Studies professor Hector Perla is shown. Perla was accused of raping a student during a wine-tasting outing in June 2015. Some of the files are so heavily redacted that on many pages no words are visible. Perla is one of 113 UC employees found to have violated the system's sexual misconduct policies in rece

          We respect the desire of some tipsters to remain anonymous, and have put in place ways to contact reporters and editors to ensure the communication will be private and secure.

          Advertisement
          Advertisement

          To leave a comment, .

          Advertisement