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Fannie Mae EXTENDS Popular Closing Cost Assistance Program!

Fannie Mae EXTENDS Popular Closing Cost Assistance Program!

Welcome Back Readers!  It’s been a hugely busy month for me in real estate, with the end of the Federal Tax Credit for Homebuyers the Lancaster County real estate market has warmed up with the spring!  Even as we close the door on the tax credit, there are many, many other incentives still available for buyers though as we proceed through summer.

For example, I wrote a post a few months ago about Fannie Mae offering  3.5% closing costs assistance/appliance credits for buyers.  Due to the popularity of this program (according to Fannie Mae that is), they have extended the program through June! 

Click through the “Read More” link after the jump for all the details!

So here’s the deal.  Fannie Mae has a little problem, namely 50,000 homes they now own through the foreclosure process and they are looking to move them. You can see a list of what’s there at www.HomePath.com , there are currently 14 Fannie Mae Foreclosures actively for sale in Lancaster County Pa as of today.

Here are the details on the program:

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

■Closing costs;
■The purchase of new Whirlpool® appliances by Fannie Mae; or
■A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

■Property sales must close before June 30, 2010
■Buyers must be owner-occupants, investors are excluded.  Now, the one caveat is that the lender for the buyer must approve the use of this incentive, but most lending programs allow the use of seller assistance with closing costs.

This is an exploding offer though, it’s gone if you don’t buy before June 30, 2010.  Also, this is not automatic.  You must write it into your contract at the time you make the offer or you don’t get it and Fannie Mae must still approve your offer.

I’ll be happy to help anyone take advantage of this offer (call me if you would like to, I can help with any home for sale on www.Homepath.com that is available in Lancaster County, Pa) but don’t wait too long as they have not said that they will extend this offer beyond the end of June. 

As always, I’d like you to be part of the conversation, so if you like what you read here please comment, forward The Lancaster Connection.com to your friends, subscribe and if you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-490-8999!Lancaster PA Homes for Sale, Jason Burkholder

Your Friend in Real Estate,

Jason Burkholder

Weichert, Realtors – Engle & Hambright

Search for Lancaster County Homes for sale at  www.JasonsHomes.com  by clicking this link!

Jason Burkholder