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.
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More From Star Tribune
More From Star Tribune
Cannabis in Minnesota
Minnesota is the 23rd state in the country to legalize recreational marijuana for adults.
ThreeSixty Journalism
ThreeSixty Journalism is leading the way in developing multicultural storytellers in the media arts industry. The program is a loudspeaker for underheard voices, where highly motivated high school students discover the power of voice and develop their own within ThreeSixty's immersive college success programming. Launched in 1971 as an Urban Journalism Workshop chapter, since 2001 the program has been part of the College of Arts and Sciences at the University of St. Thomas.
Home & Garden
Osprey are the medium-sized raptors with the 'W' wings
Elegant fishing hawks becoming a familiar sight again in the metro area.
Variety
Summer Camp Guide: Find your best ones here
Kids can learn how to program robots, play chess, speak Chinese or dance hip-hop style, among other enrichment options.
South Metro
Strip searches curtailed at Shakopee women's prison
After protests, the Minnesota Department of Corrections says it has begun moving toward use of electronic searches. "We want to reduce the risk of further traumatizing people," Corrections Commissioner Paul Schnell said.