Fannie Mae Extends 3.5% Incentives on REO Properties

HomePath.com from Fannie MaeFannie Mae said it is extending by two months its seller incentive program that offers 3.5 percent of of the final sales price on its REO properties toward closing costs or the seller’s choice of appliances.
The offer is now available to any owner-occupant who closes on the purchase of a property listed on http://www.homepath.com/ by June 30, 2010. It was to expire May 1.
REOs, or real-estate owned properties, are those in the final phase of foreclosure and on the selling block by lenders.
Properties listed on www.HomePath.com are owned by Fannie Mae and include single-family homes, condominiums and town houses.
“We are happy with the results of the program, which has helped us to sell properties quickly, thereby stabilizing neighborhoods and property values,” said Terry Edwards, Executive Vice President of Credit Portfolio Management.
These properties also provide special financing for eligible buyers, including 3 percent down deals.
“When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community,” Fannie Mae writes on its website.

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