Home Path Last Call
Time is running out fast to take advantage of the HomePath
Closing Cost Incentive. Up to 3.5% (of
purchase price) in closing cost incentive is available but you must act
fast. Buyers must make their initial
offer on a HomePath property by March 31, 2014 and close by May 31, 2014 to
qualify. This additional spiff is only
good for owner occupied buyers who request the incentive in their initial offer
during the First Look period. Oregon is one of the
eligible states for this offer. Make
sure to put the request for the incentive in line 38 of your addendum in your
on line offer. Last Call!!
By now most people are familiar w/the HomePath program. Certain homes owned by Fannie Mae are
available to qualify for the program and its perks… including this added bonus. A list of qualifying homes available in your
area is available at HomePath.com the official site. 3.5% towards closing costs is no chump
change. Buy a $250,000 house and that
adds up to $8750 towards your closing costs.
Be aware that not all loan programs allow seller contributions that
high. Typically, on a conventional loan
with 5% down payment the max seller contribution is only 3%. Still it’s worth asking for it.
But what if you your closing costs aren’t that high? On smaller loan amounts this typically isn’t
an issue but it can be for larger loans, say those over $200,000. That’s because some of the closing costs are
fixed and don’t rise as the loan amount does. The result is that larger loans
have closing costs that are smaller in terms of their percent of price. You can still capture all this added HomePath
incentive (or any seller incentive) by buying down the rate. Commonly called “points” these additional
closing costs can soak up any additional seller paid cost to get a lower rate
for the buyer. But don't wait...
Click Here to visit the HomePath site for additional details
on the program and available homes. If
you are a borrower make sure you are working w/a real estate agent that has
experience w/this unique program. And by
all means if you are on the fence about buying a home save yourself some green
and buy while the cash incentive remains.
Eric Lundberg - NMLS #261588
Eugene , OR .
Eric Lundberg - NMLS #261588
President, Chinook Mortgage Ltd - NMLS #261588
541.302.3210
www.ChinookMtg.com
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