Home Buying in Arizona>Question Details

Paramed, Home Buyer in Surprise, AZ

Does Fannie Mae pay closing costs?

Asked by Paramed, Surprise, AZ Sat Mar 24, 2012

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They may it depends on the competition on the home. Make sure you write it into the Contact with exact numbers.
0 votes Thank Flag Link Sun Mar 25, 2012
Fannie Mae like any other seller will consider paying closing cost if requested by the buyer. It will impact your net offer so in a competitive multiple offer situation you will need to consider the effect.
0 votes Thank Flag Link Sun Mar 25, 2012
Hi Paramed:

If you are buying a "normal" home and happen to be using Fannie Mae as the lender, the answer is no.

If you are buying a Fannie Mae owned home and are financing through their HomePath program, the answer is sometimes. They have come and gone in the market with incentive programs where they will help with closing costs. Right now, as Rocky indicates, it is a case-by-case basis negotiated as part of the contract.

One could argue they do indirectly, as they allow for no appraisal (though I am not sure I would want to buy a home without an appraisal--nothing says because it is Fannie Mae owned you are guaranteed to get a good value) and they allow for no mortgage insurance even if yuou finance less than 20%, so those are cost-saving moves.

Good Luck. Bill.
0 votes Thank Flag Link Sun Mar 25, 2012
They will pay for closing costs but it needs to be written into the contract.
0 votes Thank Flag Link Sat Mar 24, 2012
Yes it is. The contact is for 105 and we offered 105 with 5000 in concessions for closing costs. It is a foreclosure. We can't buy the home without concessions. So as long as it is written in the contract they will cover it?
Flag Sun Mar 25, 2012
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