To be eligible for the closing cost assistance:

• Buyers must complete homeownership education or housing counseling and receive a completion certificate or a completed Fannie Mae Form 1017 prior to the initial offer submission to be eligible for the closing cost assistance.
• The course completion certificate must be uploaded into HomePath when making the online offer.

• The request for closing cost assistance must be made at the initial offer in the HomePath Online Offers system.

• The closing cost assistance offer may be adjusted during contract negotiations.
• Buyers with total closing costs under 3% will not receive the difference as a credit.

Example: Sales price = $100,000 and 3% is negotiated. The total closing costs and education fee = $3,000

• The buyer must be a first-time homebuyer (did not own a property in the past three years).
• Buyers must reside in the property as their primary residence within 60 days of closing.
• Individual buyers using public funds are eligible. Tenants residing in tenant-occupied properties are eligible.
• The property must be listed on Homepath.com and be eligible for the closing cost assistance.

Fannie Mae reserves the right to end the promotion at any time. Any dispute over this program shall be resolved by Fannie Mae at its sole discretion.

NOTE: HECM, auction, pool, and investor sales are not eligible for this program.

Instructions for Buyer’s Agents: To make the request for closing cost assistance, including the following verbiage for placement in Section 38 of the Residential Real Estate Purchase and Sale Contract:

Seller will contribute up to $___________ towards, but not to exceed, the amount of buyer closing costs, points, and prepaid. Credit excludes costs for title insurance, taxes and assessments, broker fees, and POC items. In the event that the buyer’s lender restricts the allowable Seller contributions toward Buyer’s closing costs, Seller’s actual and total contribution shall be limited to the allowable amount

Source: https://bit.ly/3OQQQ6J