Fannie Mae Offers New Closing Cost Assistance
and Appliance Incentive for Homebuyers
January 28, 2010

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for:

· Closing costs;
· The purchase of new Whirlpool® appliances by Fannie Mae; or
· A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.
To be eligible for this incentive:
· Offers must be accepted on or after January 28, 2010;
· Property sales must close before May 1, 2010, and;
· Buyers must be owner-occupants (investors are excluded).

The incentive reinforces the organization's commitment to stabilizing communities and assisting buyers. For more information about this incentive call us today.

Not behind on your mortgage but still need to refinance...there are now programs for you.  Call your lender today!

• Most recent tax return with all the schedules and W-2s
• Two most recent bank statements
• Two most recent pay stubs (if you receive them) or documentation of your income you receive from other sources (e.g. alimony or child support)
• Monthly mortgage statement showing the mortgage servicer information and the mortgage loan account number
• Information about other mortgages on your home, if applicable
• Account balances and minimum monthly payments due on all your credit cards
• Account balances and monthly payments on your other debts (such as student loans and car loans)
• Estimates of monthly expenditures (such as utility bills, food expenses, insurance payments, medical bills)
  • Profit and Loss Statement (if applicable)
  • Income Statement (if applicable)

Fed housing program encourages short sales
(cut & paste the links below to learn more)

WASHINGTON – Dec. 1, 2009 – The Obama Administration, through the Treasury Department, announced new housing guidelines yesterday. While a series of announcements highlighted different programs, the National Association of Realtors (NAR) focused on changes that will make it easier for real estate associates to deal with short sales and “deeds in lieu of foreclosure.”

The program’s official name is the Home Affordable Foreclosure Alternatives Program (HAFA), and it’s part of an existing initiative, the Home Affordable Modification Program (HAMP). HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which cover over half of all U.S. mortgages; however, Fannie and Freddie will issue their own versions of HAFA in coming weeks.

While HAFA’s goal is simple – increase the number of short sales and “deeds in lieu of foreclosure” by simplifying the process – the rules are complex, and it comes with 43 pages of guidelines and forms. Among other things, HAFA:

• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

• Prohibits servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).

• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed.)

• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors.

The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on Dec. 31, 2012.

For more information, read the Nov. 30 HAMP news release: https://www.hmpadmin.com/portal/docs/news/hampupdate113009.pdf

To read the complete 43-page short sale guidelines, go to: https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

© 2009 Florida Realtors®