Monday Market Myth: Free Closing Cost to Close by June 30, 2011

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
Ask Kristen for other upcoming closing costs assistance to help you with homeownership.


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