FIT Blog

Fannie Mae notified lenders earlier this month that they can assist homebuyers with closing costs for GSE-backed mortgages. Lenders can begin helping homebuyers immediately; however, the provided funds cannot exceed the amount of closing costs and pre-paid fees and cannot be used toward the homebuyer’s down payment. In addition, the money from the lender must be a gift, with no expectation of repayment, and the gift cannot affect loan terms. To find out more about this program that can help with homebuyers’ closing costs, check out this HousingWire article.