Fannie, Freddie Launch Programs to Assist Housing Transactions
|March 18, 2014|
Fannie Mae and Freddie Mac both announced programs aimed at spurring home sales.
Fannie Mae reported that homebuyers may receive up to 3.5 percent in closing-cost assistance when they purchase a HomePath property in 26 states and Puerto Rico.
To be eligible for the incentive, the initial offer must be submitted before March 31 and close on or before May 31. The incentive will offer qualified buyers up to 3.5 percent of the final sales price to pay closing costs.
“This incentive will provide more opportunities for families to find a property to call home,” said Jay Ryan, vice president of REO sales. “Our goal is to sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery.”
For more details on the program, visit www.HomePath.com. The states where the incentive is available are Arizona, California, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, Ohio, Oregon, Tennessee, Virginia, Washington, West Virginia and Wisconsin.
Meanwhile, Freddie Mac is offering a 2014 winter sales promotion that will pay cash incentives to real estate agents who list or sell HomeSteps homes in 23 states between through April 15, 2014. To be eligible, the home must be sold as a primary or secondary residence and the closing settles on or before May 30, 2014. The promotion does not apply to investor purchases, auction sales, sealed-bid sales and bulk sales.
"HomeSteps' 2014 winter sales promotion is focused on firing up sales in 'cold weather' states and condominium deals everywhere,” said Chris Bowden, HomeSteps’ senior vice president. “With mortgage rates still low and home inventories tightening, the 2014 HomeSteps Winter Sales Promotion is a great opportunity for families ready to buy and real estate agents ready to sell."
Selling agents will receive a $1,000 incentive, and listing agents a separate $500 incentive, when they sell HomeSteps homes located in one of the 23 target states. Additionally, homebuyers are given a choice of $500 incentives they can use toward condominium association dues, flood insurance premiums or the home warranty of their choice.
States where the 2014 HomeSteps Winter Sales Promotion is now active include Alabama, Connecticut, Colorado, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, North Carolina, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Washington and Wisconsin.