Fannie Mae Announces 3.5% Buyer Assistance on REO Properties
Fannie Mae announced Monday that borrowers purchasing a Fannie Mae-owned property through HomePath, the GSE’s REO disposition operation, 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. Fannie Mae said it can give no assurance on the time required to close, but initial offers submitted after May 15, 2011 are particularly questionable for closing by the incentive deadline of June 30.
To qualify, 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, EVP of credit portfolio management at Fannie Mae.
Fannie Mae acquired 262,078 single-family REO properties through foreclosure in 2010, compared with 145,617 in 2009.
