I missed out on the Buyer Tax Credit Program in Kansas City, now what?

OK, so all real estate is "for sale", and in today's market, most of it is "on sale" as well!  But aside from negotiating the purchase price, one of the most overlooked opportunities in today's home buyer market is the 3.5% Fannie Mae allowance for either Buyer's closing costs or appliances....You heard me, appliances!

Oftentimes, we are asked about real estate sales after the Buyer Tax Credit program. There are a number of programs yet available to Buyers of all types and sizes, among the most beneficial, yet overlooked, is the Fannie Mae Homesteps Program.

All other factors being similar, why not choose a Homesteps qualifying property?

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home by June 30, 2010. Buyers purchasing properties listed on this site 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:

• Property sales must close by June 30, 2010
• Buyers must be owner-occupants, investors are excluded

Contact a Fannie Mae listing broker for more information.

*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

Need help buying a home?

State and local housing authorities often have programs to help homebuyers research and purchase a home. Programs can include counseling, down payment assistance, and more.

Neighborhood Stabilization Program (NSP)

Currently, some local housing authorities and housing non-profits have programs for homebuyers that use HUD's Neighborhood Stabilization Program funds.

Fannie Mae supports NSP and offers some concessions to streamline the purchase of Fannie Mae properties for buyers using NSP funds. This includes:

• Deposit Waivers - Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual homebuyers using public funds to purchase a Fannie Mae-owned property do not have to meet the full 5% earnest money/deposit requirement. Deposits can be as low as $500.
• Reserved Contract Period - Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an NSP-required appraisal.
• Extra Time for Closing - Buyer receives up to 45 days to close, 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.

For more information on NSP programs in your area, click here

First Look for Fannie Mae Homes

Fannie Mae's First Look is designed to provide neighborhood stabilizing entities—owner occupants, public entities, non-profits and similar organizations—a “first look” at Fannie Mae homes. Under this policy, Fannie Mae will only consider offers from owner occupants and buyers using public funds during the First Look marketing period, typically the first 15 days a property is listed on HomePath.com. If the property is still for sale after the First Look Marketing period expires, investor offers may be submitted and will be considered.  Properties in the First Look marketing period will have a timer with the number of days remaining on the property details page. 

We have a list of Fannie Mae properties that qualify for the First Look Marketing period. To receive a copy, go to Fannie Mae Foreclosures

We know how to sort through thousands of available listings and find the right home to fit your needs....Including those few homes that fit the Homesteps program....When should we talk?

Let us know what you think or add to our blog by writing a comment.

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

Your Kansas City Real Estate Marketing Masters!

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