Fannie Mae Provides Closing Cost Assistance to REO Buyers
April 12, 2011
Fannie Mae 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. 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.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president of Credit Portfolio Management. "Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance."
Fannie Mae offered a similar deal during the last quarter of 2010, when it offered a $1,500 cash bonus to buyer's agents on each sale of a HomePath property.
Fannie Mae also said it will offer a $1,000 bonus to buyers' agents in California and Washington whose clients close on a HomePath property by June 30.
Contact ALTA at 202-296-3671 or [email protected].