To address their growing inventory of properties, Fannie Mae and Freddie Mac are working to sell nearly 150,000 foreclosed homes. That means incentives to the buyers out there, YOU!
WASHINGTON, DC — Fannie Mae announced that qualified home buyers who will be owner-occupants can:
NEW UPDATE – Receive up to 3.5 percent of the final sales price that can be used toward closing cost assistance, including a home warranty, if desired and available.
Fannie Mae to offer 3.5 percent buyer assistance
Fannie Mae recently announced that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011, to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sales to investors are excluded).
- Down payments as low as 3 percent on 30-year mortgages. NOTE: smaller down payments generally translate into higher monthly mortgage payments.
- Fannie Mae-owned home, doesn’t require private mortgage insurance, which most lenders require for buyers who put down less than 20 percent
The sale must close within 60 days of the offer being accepted.
“More than eighty-seven thousand families have purchased HomePath® properties in the first half of 2010 — nearly double the number of Fannie Mae foreclosed properties sold in the first half of 2009,” said Terry Edwards, Executive Vice President of Fannie Mae’s Credit Portfolio Management. “We continue to look for ways to stabilize neighborhoods and offer incentives to qualified buyers who will occupy these properties over the long-term and help support their communities.”
HomePath properties are owned by Fannie Mae and include a wide selection of homes, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing.
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