Recently, Fannie Mae announced a special incentive for HomePath properties in 27 states during the FirstLook™ period. FirstLook™ is a program under which owner occupants who are buying the home as their primary residence can submit offers and purchase properties without competition from investor offers. The 27-state coverage encompasses nearly three quarters of Fannie Mae’s homes for sale.
The incentive provides up to 3.5 percent in closing cost assistance on these properties for offers submitted through March 31, 2014, and close before May 31, 2014. Qualified buyers can use the incentive to pay closing costs, and in many cases can use the savings to buy down the interest rate on their loan, to extend the value over time.
Did you know that REALTORS® can use RPR to work with Fannie Mae HomePath properties? Every day, RPR receives a feed from Fannie Mae that identifies HomePath properties, and indicates whether they are currently in the FirstLook™ period as well as if they qualify for the HomePath Mortgage or Renovation Mortgage programs.
Every HomePath property has a special module on RPR that provides you with the tools you need to make an offer online at HomePath.com. From this module you can:
- Identify the programs associated with each HomePath property
- Download the forms required to make an offer online
- Get important offer-related information
- and start the online offer
In addition, the RPR module contains important HomePath training videos, as well as information on becoming a HomePath listing agent.
More information about this incentive and a list of the states in which it is available can be obtained from Fannie Mae. RPR is pleased to be working with Fannie Mae to provide you with this special feature to help you work with HomePath properties, and take advantage of this incentive while it lasts.