Home Buying in 30260>Question Details

Nat99, Home Buyer in 30260

How to claim Fannie Mae 3.5% incentive for owner occupant buyer if offer has been accepted?

Asked by Nat99, 30260 Tue Mar 9, 2010

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can fannie mae really discriminate like that? If there is a 3.5% incentive available to all homebuyers, can they keep it a secret from some buyers and get away with it. does not fannie mae have to give it to all that qualify.
0 votes Thank Flag Link Sun Jun 13, 2010
We had to put it in our contract in order to recieve it. There is an appliance selection form to fill out. After filling it out, the listing broker/agent can get the pricing of the appliances you've chosen. If 3.5% of the selling price is greater than the cost of the appliances you've chosen, you can use the remainder to be put towards closing costs and/or prepaids. But if you've already got an accepted contract, it may be too late. Too bad your realtor didn't inform you of this Fannie Mae incentive prior to submitting an offer.
0 votes Thank Flag Link Mon Mar 22, 2010
Its on their HomePath webpage but its very vague.

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

Closing costs;
The purchase of new Whirlpool® appliances by Fannie Mae; or
A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
To be eligible for this incentive:

Offers must be accepted on or after January 28, 2010
Property sales must close before May 1, 2010
Buyers must be owner-occupants, investors are excluded
Contact a Fannie Mae listing broker for more information.

*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

My agent said she didn't know and selling agent didnt say anything. Now they say its best not ti ask for it since offer has been accepted.
0 votes Thank Flag Link Wed Mar 10, 2010
never heard of it. I will be interested to read responses to this post. Where did you hear about this? I'm wondering if you have misinterpreted something or it's something new that I need to know about! Thanks for the post.
Web Reference: http://www.mysouthhomes.com
0 votes Thank Flag Link Wed Mar 10, 2010
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