Fannie Mae Announces ‘First Look’ Program In Florida
By McCoy Freeman Group // February 14, 2014
Offers 3.5 percent in closing cost assistance
Fannie Mae announced today that homebuyers may receive up to 3.5 percent in closing cost assistance when they purchase a HomePath property in Florida and 26 other states during the “FirstLook” period.
To be eligible for the 3.5 percent incentive, the initial offer must be submitted between Feb. 14, 2014, and March 31, 2014. It must close on or before May 31, 2014.
During the FirstLook period, owner-occupant or public entity buyers may submit offers on HomePath properties, giving them an opportunity to buy a home without investor competition. Fannie Mae recently extended the FirstLook period from 15 days to 20 days.
“Our goal is to sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery,” says Jay Ryan, Vice President of REO Sales.
The incentive offers qualified buyers up to 3.5 percent of the final sales price to pay closing costs.
Buyers can also use the savings to buy down their interest rate through upfront points, resulting in additional savings over time. Buyers should work with the lender of their choice to determine if the program is an option for them.
ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $200 million.
Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County.
The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.