Denver Foreclosure Properties ~ Buyer Closing Cost Assistance
Every penny matters when purchasing a home. Finance reform has closed down many home mortgaging avenues that once were open. But all is not lost, there is hope out there for would be home buyers who are short on cash. You just need to have a Denver Realtor who knows about the programs and can help you filter through the market to find the financing program and home that is right for you.
Here's some good news...
Currently Fannie Mae is offering buyers up to 3.5% in closing cost assistance (through June 30, 2011) if they purchase a HomePath Property. It is important to note the buyer does not have to use HomePath financing, just purchase a HomePath property.
Yes, there is small print:
- The buyer (buyer's agent) must request this assistance in the initial offer. So buyer be sure you are working with an agent who is in the know!)
- The offer must be submitted and closed by June 30, 2011. Offers made before April 11, 2011 do not qualify.
- The sale must close by June 30, 2011, no extensions, no exceptions!
- Only buyers purchasing a HomePath Property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
- buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
- If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.
HomePath properties as you might guess are those owned by Fannie Mae. Buyers who purchase and use HomePath financing will enjoy relaxed approval guidelines, no appraisal fee (because an appraisal is not required) and there is no fee for mortgage insurance. The initial down-payment is 3% and it can be gifted from parents or that rich and generous uncle.
If you find these requirements appealing you might want to look at the HomePath Properties for sale. You will also need a good real estate broker who knows the rules and can help you acquire a property to call home.
Call me, I can help. I welcome your call. Kristal Kraft 720-279-4599