Fannie Mae Offers New Incentives to Purchase

Fannie Mae continues to work to close out inventory and is offering new incentives for buyers who settle before December 31, 2010.

Qualified buyers (owner occupants) can receive up to 3.5% of the sales price towards closing cost assistance

Financing is available through HomePath Financing for 3% down. (Offered by most local lenders)

Sale must be completed within 60 days of contract ratification

According to Fannie Mae more than 87,000 families purchased HomePath homes during the first half of 2010.   Coupled with lower interest rates and additional incentives during the second half of the year it is reasonable to expect even more homes to be sold.

HomePath homes are offered through the Northern Virginia MLS and fortunately any local agent can work with you to purchase one.   Fannie Mae is also offering the “First Look Program” giving owner occupants a 15 day opportunity to write an offer on a home prior to investors.

With financing rates still below 5% as of the date of this post it might be worth a look at Fannie Mae HomePath properties to take advantage of the incentives being offered.  If you are thinking of buying a new home this fall give me a call to talk about whether now is the right time for you to buy a new home in Northern Virginia.

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