Closing Cost Assistance for CA Fannie Mae Foreclosed/REO Bank Owned Homes

Fannie Mae HomePath just announced a special 3.5% closing cost assistance program for Inland Empire California home buyers who purchase a Fannie Mae foreclosure REO bank owned home.  The limited 3.5% incentive requires buyers submit request with initial offer after June 14, 2011, and must close escrow before October 31, 2011.

This is a great opportunity for buyers in the Riverside County cities of Temecula, Murrieta, Menifee, Lake Elsinore, Canyon Lake, Corona, Riverside, and Moreno Valley where there are many Fannie Mae HomePath homes are listed for sale.  You may even want to use special California HomePath financing when buying a Fannie Mae HomePath bank owned home because you only need 3% down payment, requires no monthly mortgage insurance, and it doesn’t require an appraisal inspection be done.  This speeds up the closing process and often closes in 15-30 days.

To be eligible, buyers must meet these criteria:

  • Sale Must close before October 31, 2011… exceptions!
  • This must be your primary residence – investors or 2nd homes do not qualify.
  • If your closing costs are less than 3.5%, you cannot receive cash back.  If this happens, you can use the difference to buy down the interest rate.
  • Buyers do not have to use a HomePath loan to qualify for this incentive, but why wouldn’t you?

Home buyers have been frustrated by investors who often come in with all cash to purchase these homes, but to combat that, Fannie Mae HomePath has implemented a program called the First Look.  First Look requires HomePath listings only accept offers from people who are buying the home as their primary residence.  This means you won’t have to compete against the all cash investors.

To search for a Fannie Mae bank owned foreclosure home, go here, or to receive the help of a local market expert real estate agent in your area, contact me for a referral.

To close by October 31, you will need to be in contract no later than October 7th to close on time, so take advantage of our Preferred Buyer Pre-approval and get out there and start making offers.  Call me (951) 215-6119 or email: brad(at)homeloanartist(dot)com for more information.

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