Fannie Mae incentive First Look

New Incentive From Fannie Mae To Help Nevada Homebuyers with First Look

Published On February 17, 2014 | By Toni Spilsbury | Real Estate

Fannie Mae Incentive First Look

Las Vegas Real Estate

Search Las Vegas Real Estate

Homebuyers are having a difficult time competing with investors who are swooping up properties with cash. Housing is affordable right now, so investors are purchasing houses at great prices, but are leaving families little room to out-negotiate. For example, a homebuyer may submit an offer for full price at $160,000 before an investor comes in and offers $10,000 cash over the asking price.

Fortunately, for home a short time, Fannie Mae is helping owner-occupant buyers with a 3.5% incentive for buyers who request the incentive at their initial offer during the First Look™ period of 20 days. During this time, investors are not allowed to submit a bid until after the time period has passed.

This incentive is for Fannie Mae foreclosures in the First Look period. To qualify for the 3.5% incentive, offers must be submitted during the special period which ends March 31st and closing must take place before May 31st, 2014. The incentive will give qualified buyers up to 3.5 percent of the final sales price to pay the closing costs, buy down the interest rate or prepay taxes.

The incentive is available in 27 states and Nevada is one of them in addition to Arizona, California, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, Ohio, Oregon, Puerto Rico, Tennessee, Virginia, Washington, West Virginia and Wisconsin.

 

How To Take Advantage of Fannie Mae 3.5% Incentive on First Look

  1. Contact a Las Vegas Realtor who will search specifically for properties in the program.

    Las Vegas Realtor

    Find homes in First Look here

  2. Get pre-qualified with a lender (your Real Estate Agent should be able to help).
  3. Make the initial offer on your home before March 31st, 2014.
  4. Close on the sale prior to May 31st, 2014.

 

Like this Article? Share it!

About The Author

Toni Spilsbury is a blogger, brand strategist and social media producer in addition to being a philanthropist and mother…. but not in that order. From busy corporate gal to even busier mom of four, one with special needs, Toni established an online connection with today’s on-the-go moms as someone who understands the unique demands of working moms. In 2005, Toni co-founded the Nevada Blind Children Foundation and began working to build the first school for the blind in Nevada. With a passion for cooking, creating her own recipes and a desire to merge her family life and career, Toni wrote a book The Organized Cook in 2009 before embarking on a journey through branding, blogging, social media and e-commerce that gained her an insight and passion for the unique niche of content-driven e-commerce. Toni’s second book, Because of Connor, is due out in late 2013 which gives readers an insight into the unique struggle of life’s ups and downs when set against the backdrop of caring for and coming to grips with a severely medically fragile son.

Leave a Reply

Your email address will not be published. Required fields are marked *