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Solano Home Buyers Get 2-Month Extension On 3.5% Fannie Mae Closing Cost Credit
April 28th, 2010 categories: Benicia, Buying, Fairfield-Gr Valley, Foreclosures / Short Sales, Solano, Suisun City, Vacaville
Non-Investors Who Buy A Fannie Mae Repo Can Still Get The Credit If They Close By June 30
In what amounts to an unexpected gift to buyers of Fannie Mae bank-owned homes in Solano County, the secondary mortgage market giant just announced that its 3.5% closing cost credit incentive program, which was scheduled to end Apr. 30, has been extended to June 30.
So if you buy one of the 96 Fannie Mae-owned homes in Solano County that are either presently for sale or about to come on the market and can close escrow in the next two months, you could be eligible for up to 3.5% in credits at close of escrow.
Of the 96 homes for sale in Solano, 89 are currently on the market and 7 will be coming on the market soon.
Almost half of Fannie’s unsold Solano County inventory is in Vallejo (40 homes), followed by Fairfield (29), Vacaville (15), Suisun City (6), and Benicia (3).
The 3.5% incentive can either be used to offset closing costs, for Whirlpool appliances or a combination of the two. Only owner-occupants are eligible. And since some loan programs limit the maximum amount of closing costs a buyer may receive (FHA, for example, caps it at 3%), the credit is for “up to” 3.5%.
Even though Fannie’s incentive program has been extended, time is definitely of the essence, as escrow must close by June 30 in order for buyers to receive the credit.
And since most escrows take 30-45 days, that doesn’t allow a huge amount of time to find the right home, get the contract accepted and then close escrow.
For more information on homes in Solano County that qualify for Fannie Mae’s 3.5% incentive program, if you’re not already working with another real estate agent, feel free to contact us and we’ll be glad to assist you.
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SOLANO & LOCAL MARKET UPDATES
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