Thursday, January 28, 2010

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

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:
  • Offers must be accepted on or after January 28, 2010
  • Property sales must close before May 1, 2010
  • Buyers must be owner-occupants, investors are excluded
Contact a Fannie Mae listing broker for more information.
*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

Buying a home? Take Advantage of a Federal Income Tax Credit

New legislation was approved which extends the First-Time Homebuyer Credit for homeowners through April 30, 2010 with a 60-day cushion beyond that date to complete closing. The program broadens benefits to existing homeowners and now includes:
  • $8,000 tax credit for first-time homebuyers
  • $6,500 tax credit for existing homebuyers who have lived in their current residence for at least five years but want to relocate to a new primary residence
  • Increased income limits for individuals and couples
For more information about this program please contact me. 

*article courtesy of:  http://www.fanniemae.com/homepath/incentive/index.jhtml

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