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Fannie Mae is hoping to attract qualified buyers to the market by offering buyers assistance. Fannie Mae’s REO (Real Estate Owned) disposition operation, HomePath, will offer 3.5 percent in closing cost assistance to help buyers purchase a home. Fannie Mae acquired 262,078 single family REO properties through foreclosure in 2010. Many of these properties are also eligible for special HomePath Mortgage and HomePlan Renovation Mortgage financing, which  offers homebuyers a chance to purchase with as little as 3 percent down.

If this deal looks like something you could benefit from do not delay. This incentive will only apply to initial offers submitted on or after April 11, 2011 and that close on or before June 30, 2011. Also, buyers are required to reside in the home as their primary residence, essentially excluding investors looking to take advantage. Terry Edwards, EVP of credit portfolio management at Fannie Mae said, “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”. Hopefully this will help reduce the amount of empty homes and get good homebuyers into a house they can afford while also trying to put the real estate market back on the right track.

 
 

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