Another New Program for Fannie Mae

Another new initiative is coming from Fannie Mae to help stabilize neighborhoods and encourage purchases by owner occupants and low-income buyers.

Fannie Mae’s new program is called “First Look” and is intended for buyers who are living in a home an opportunity to purchase the home during the first 15 days the property is on the market. Investors can only make an offer after the first 15 days have passed.

Following are more details:

Buyers can receive up to 45 days to close – this is15 days more than is usually permitted for purchases of Fannie Mae-owned properties.

The earnest money/deposit requirement will be waived by Fannie Mae for public entities using public funds to purchase a Fannie Mae-owned property. For an individual home buyer who has qualified for public funds and wants to purchase a Fannie Mae-owned property no longer needs to meet the usual earnest money/deposit requirement.. Under this program, deposits for individual home buyers can be as low as $500.

Once an acceptable offer is agreed upon, buyers may have the ability to renegotiate their offer after receiving an appraisal.

For more valuable information please go to Making Homes Affordable.

If you are someone you may know is struggling to pay their mortgage, please contact Eddie Perez, Broker-REALTOR, CDPE. As a CDPE, I can help you through any housing related crisis. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  He can be reached at eddie@InvestHoboken.com or 201-344-2886.

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