HomePath Buyer Incentive

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.

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 initial offer in order to be eligible.
•The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
•The sale 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.
•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.

FannieMae WaysHome- Learn Your Options If Your Drowning In Your Home

Today, January 6, Fannie Mae launched WaysHomeTM, a new interactive video to educate homeowners about their options to avoid foreclosure, motivate them to make the right decisions, and encourage them to seek help. WaysHome is part of Fannie Mae's Know Your OptionsTM consumer initiative to help today's struggling homeowners and is available on KnowYourOptions.com.

Overview
A unique and innovative learning tool, WaysHome allows homeowners to put themselves into real-life situations and make decisions -- then see the consequences of these decisions play out in front of them. Through WaysHome, homeowners can:

1. Participate in an interactive video simulation.
2. Select a character and go through the simulation "playing" that character.
3. Follow characters as they encounter financial hardships and challenges that affect their ability to pay their mortgage.
4. Choose different paths based on real-life situations.
5. Experience the positive outcomes or negative consequences of their choices
(i.e., if they avoid taking action, foreclosure may be their only option).
6. Learn about options that may be available to help.
7. Discover the right paths to avoid foreclosure, know their options, and find their way home.

Benefits to You
Our research shows that many homeowners still don't know about -- or understand -- their options to avoid foreclosure. In fact, many homeowners who are seriously delinquent or in foreclosure have little to no contact with their mortgage company. WaysHome is designed to bridge that gap and encourage homeowners to take action before it's too late.


WaysHome Video Link
http://flsvideo.com/assets/Ways-Home/

Home Affordable Refinance Program (HARP)- Refince up to 125% LTV

Fannie Mae will accept mortgages refinanced through the Home Affordable Refinance Program (HARP) with loan-to-value (LTV) ratios between 105.01% and 125%. The initiative is aimed at helping borrowers refinance their underwater mortgages. Loans owned or serviced by Fannie Mae or Freddie Mac are eligible for the program.

Loans modified through the program are required to either lower a borrower’s monthly payment or move them into a more stable mortgage, i.e. going from an adjustable-rate mortgage to a fixed-rate loan.

Guideline Highlights:

• LTV > 105% to 125% with an unlimited combined loan to value (CLTV) for existing subordinate financing.
  
• Owner Occupied Single Family Residences, including PUDs. (Condos are not eligible)
  
• 620 minimum credit score
  
• Conforming limits only (Loans < 417,000). This is not available for high balance loans.
  
• A full appraisal or interior/exterior 2055 is required.
  
• 30 year term only.

Up to 3.5% HomePath Buyer Incentive and $1,500 Selling Agent Bonus on HomePath Properties

Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 selling agent bonus on HomePath® properties. To be eligible for this incentive:

*Initial offers must be accepted on or after September 23, 2010

*Property sales must close on or before December 31, 2010, and close within 60 days of offer acceptance

*Buyers must be owner-occupants and confirm that the property will be used as their primary residence by completing a certification form (investors are excluded); and

*Selling agents must represent owner-occupant buyers purchasing a HomePath property to receive the $1,500 bonus and offers must be submitted on or after the effective date.

The incentive reinforces Fannie Mae's commitment to stabilizing communities and assisting buyers. For more information about the incentive, visit HomePath.com, read the press release, or contact a Fannie Mae listing broker.