Myth: A buyer over the weekend found their dream home, and the Fannie Mae seller agrees to pay 3.5% in closing costs assistance forever.
False: If buyers are taking advantage of the Fannie Mae buyer incentive program, they must follow the guidelines in order for consideration. It is important for buyers to hire a well educated Realtor and lender, who can properly represent them from beginning to end in the transaction. Can you qualify for this great incentive? See below:
- The incentive must be written into the offer on a Fannie Mae property (offer written after April 11, 2011). Ask you agent how to incorporate it and which properties are eligible!
- The Close of Escrow must occur before June 30, 2011 otherwise the buyers will not receive the 3.5% closing costs assistance
- Owner occupied residence only, no investors