Chicago, IL (PRWEB) February 18, 2014
CF Funding is happy to announce that Fannie Mae has released a new incentive program relating to how homebuyers can receive up to 3.5 percent in closing costs . The plan offers assistance when purchasing a HomePath property. This special program applies in 27 states during the "FirstLook" period. The FirstLook period previously referred to "the first 15 days a property is listed on HomePath.com, except Nevada where it is 30 days," but has recently been extended to 20 days. This period of time is free from investor competition and allows only homeowners, certain non-profits, and public entities to submit offers.
This incentive is only available for a limited time. The offer must be submitted between February 14th and March 31st of this year, and homebuyers must close by May 31st of this year, in order to receive the closing cost assistance. CF Funding is happy to offer this program to its eligible buyers. As the housing industry continues to improve, the lender expects to see more renters achieve their goal of homeownership by taking advantage of this great program.
Fannie Mae is very optimistic about the program’s benefits. According to Jay Ryan, Vice President of REO Sales, "This incentive will provide more opportunities for families to find a property to call home… our goal is to sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery." The press release also emphasized the fact that buyers can use the savings from this incentive program to buy down their interest rates. This can save the buyer even more money over time.
The 27 states eligible for the incentive program (in alphabetical order) are as follows: Arizona, California, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, Ohio, Oregon, Puerto Rico, Tennessee, Virginia, Washington, West Virginia, and Wisconsin. Buyers can search for properties that are eligible by visiting http://www.HomePath.com. Qualifying properties are marked with the sales incentive icon, and buyers can see how many days remain on the FirstLook period for each property.
According to John Kocher, President of CF Funding Corporation, "CF Funding has always looked out for the customer’s best interest and strives to get them the best mortgage rate possible. This program will help us to achieve our goals and put more money back in the homeowner’s pockets." Buyers who are interested in this program should contact CF Funding for more information at 888-344-4080.