Closing Cost Assistance on HomePath Homes

Closing Cost Assistance on HomePath Homes

GMAC Bank Correspondent Funding (GMACB) Approved Correspondent Clients please note that GMAC Bank is pleased to announce that Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance now through June 30, 2011, for all Fannie Mae HomePath Loans.

The HomePath property buyer must meet the following qualifications to be eligible:

• Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of the initial offer in order to be eligible.
• The initial offer must be submitted on or after April 11, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
• The loan must close on or before June 30, 2011. No exceptions will be made to this deadline.
• Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
• The buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
• If a buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Closing Cost Assistance on HomePath Homes

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