Cash Incentives for Owner Occupied Home Buyers
Great news for people looking to buy a home as their primary residence, and who are in the market to buy Right Now: A cash incentive towards closing costs of up to 3.5% of the purchase price is available – but only to those qualified owner-occupant purchasers. This means that those investors using all CASH to buy, don’t qualify. You don’t have to be a first-time home buyer, though this Fannie Mae program is likely to attract substantial numbers of them. The 3.5% closing cost discount helps with one of the biggest problems faced by first-timers — upfront cash.
But here’s the catch: You must submit your initial offer no later than March 31st, 2014. That leaves just over a month for you folks out there currently searching. And don’t worry, just because Fannie Mae is providing the incentive, you are not forced into borrowing from them. It won’t be financing you directly. On HomePath purchases, you shop for a mortgage just as you would on any other house.