Fannie Mae Offering Seller Assistance on Foreclosed Homes
In an effort to help stabilize home prices and neighborhoods, Fannie Mae is offering buyers of its foreclosed homes as much as 3.5% of the purchase price towards closing-costs and appliances. "Buyers can choose between help on closing costs or appliances of equal value," the company said. "The move is designed to foster sales in a still-weak housing market."
Buyers who are purchasing homes that are listed on the Fannie Mae HomePath website can receive up to 3.5% of the final sales price to be used towards:
- Closing costs;
- The purchase of new Whirlpool® appliances by Fannie Mae; or
- A mix of closing costs and appliances up to the maximum 3.5%.
To be eligible for this incentive:
- Offers to purchase must be accepted on or after January 28, 2010
- You must make settlement before May 1, 2010
- Buyers must be owner-occupants. Investors are excluded from this program.
Note (yeah, there's always a catch!): Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.
Many Fannie Mae foreclosed homes are also eligible for the special HomePath Mortgage and HomePath Renovation Mortgage financing. These programs provide homebuyers an opportunity to purchase a home listed on the HomePath website for as little as 3% down.
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