Does duplex purchase qualify this promotion from Fannie Mae?

**northwolf** · 01-31-2010, 01:43 AM

Currently Fannie Mae has a promotion "Closing Cost Assistance and Appliance Incentive." (Its details are at the end of this post.)

We (as first-time buyer) are very serious in buying a duplex and plan to move into one of two units. We know that we qualify the $8k tax credit (for the half of purchase price) but we don't know whether we would qualify this 3.5% "Closing Cost Assistance and Appliance Incentive" promotion? One of conditions is "Buyers must be owner-occupants, investors are excluded."

We did ask our buyer agent and he is not sure. Any expert opinion here? thanks.

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Details for "Closing Cost Assistance and Appliance Incentive"

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 this site that are closed within this period may receive up to 3.5% of the final sales price for:

**Greg** · 01-31-2010, 04:04 AM

Talk to your loan officer will know all about your situation and whether this would work or not. Nobody on this forum knows your financial details.

**northwolf** · 01-31-2010, 11:47 AM

The promotion doesn't say anything about financing requirement. What does it make difference if it is a cash offer or our own loan from the credit union?

**martin.schellenberg** · 02-01-2010, 04:15 PM

YOu shouldn't have a problem qualifying for the FannieMae Program as long as it is a FannieMae Property. Go to homepath.com to find out if your duplex is on the list. The 3.5% are a credit towards closing costs only and will be credited when you close on the property. It does not matter if you pay cash, you just end up paying less ...