Fannie Mae declared April 11th that borrowers buying a Fannie Mae-owned property through HomePath will get up to 3.5 percent in closing aid.  The first offer must be presented on or after April 11, 2011, and the sales agreement must close on or before June 30, 2011 in order to be qualified for the incentive. Fannie Mae stated it can give no pledge on the time needed to close, but initial offers put forward after May 15, 2011 are especially questionable for closing by the June 30 deadline. 

To qualify, purchasers must inhabit the home as their primary residence; sales to investors are kept out.  It is the goal of Fannie Mae's policy to attract qualified buyers to the market and there by reducing the inventory of vacant homes.  This is essential to stabilizing neighborhoods and bringing about market stabilization.  When combined with today's low interest rates, this new incentive will be very helpful especially for families looking to buy a home. 
Retail and public entities are likewise eligible for the special buyer-assistance offer, however pool and auction sales are not qualified.  Fannie Mae had rolled out a 3.5 percent subsidy for REO buyers in January of last year which showed considerable success and has therefore extended or restarted the temporary buyer aid incentive numerous times.  This is a strategy targeted at helping reduce a bloated supply of repossessed houses.

Fannie Mae acquired 262,078 single-family REO properties through foreclosure in 2010.  As of December 31, 2010, their inventory of single-family REO properties was 162,489. All Fannie Mae-owned REOs are listed on HomePath.com and most listings include detailed property descriptions, photographs, and community and school information. Many Fannie Mae-owned properties are also eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.  When you need to buy an REO property, it is always best to work with an experienced REO agent.  They can help guide you through the purchase process and help you make sure your REO offer is in perfect order for quick approval.  Contact Trent Realty to get helping finding the perfect REO property and take advantage of this excellent opportunity.