Homebuyer incentives from Fannie Mae for people looking to buy a home with a minimal down payment are in effect until June 30, 2011. FNMA has a huge inventory of homes and has new properties hitting the market daily. In order to facilitate the sales of these homes two big incentives have been put out there for consumers looking to occupy a property.

First, the mortgage incentive! If you intend to occupy a property FNMA is offering to pay closing costs up to 3.5% as long as your offer is made after April 11 and closes by June 20. I feel strongly that our company can meet the closing date on any contract and mortgage transaction initiated before June 15 (our turn time is very good). It must be your primary residence and if it is then you would also be interested in the second incentive that has been created for home purchasers.

The "First Look" program was created to give home buyers with the intent to occupy a property an opportunity to bid free of competition from investors. Home prices have become more affordable and this brings a lot of investors into the game and they are often difficult to compete with. The "First Look" program gives you a 15 day window where no investor is allowed to purchase a property until 15 days after it hits the market. If you are approved and ready to go with a mortgage this can be a way to get a great deal on a house and a fantastic interest rate.

The Homepath program allows you put 3% down with no mortgage insurance and typically these homes are "priced to sell." When you combine all of these incentives it makes sense to review the web site www.homepath.com and see what is available in the area you may be looking.

Here is a great first time homebuyer example. Someone looking for a home less than $100,000.00 in IL has 765 properties to choose from. I picked a property that cost 94K and was 3BR, 2BA in Streamwood. The 3.5% incentive means the buyer will need to verify $2,850. in liquid assets but due to the tax arrearage situation in IL, you will need much less than that at closing. $3200 is available to cover a myriad of closing costs and you can get a rate today of 5.25% which amounts to a payment around $500/ month with no mortgage insurance. What is your rent today? How do you like where you live? Imagine what that home will be worth in 5 years when you could possibly be a move up buyer?

There are so many options available to get a good deal on a home today. Financing is the key to the deal. Please visit my web site www.rglovermortgage.com or e mail me at rglover@american-portfolio.com and I will be happy to assist you in gaining a better understanding of the home buying and financing possibilities.