New Incentive From Fannie Mae To Help Nevada Homebuyers with First Look
Fannie Mae Incentive First Look
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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
- Contact a Las Vegas Realtor who will search specifically for properties in the program.
Find homes in First Look here
- Get pre-qualified with a lender (your Real Estate Agent should be able to help).
- Make the initial offer on your home before March 31st, 2014.
- Close on the sale prior to May 31st, 2014.
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