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Fannie Mae announces a ‘sale’ on REO homes

 

WASHINGTON – Feb. 13, 2014 – Fannie Mae announced today that homebuyers may receive up to 3.5 percent in closing cost assistance when they purchase a HomePath property in Florida and 26 other states during the “FirstLook” period. To be eligible for the 3.5 percent incentive, the initial offer must be submitted between Feb. 14, 2014, and March 31, 2014. It must close on or before May 31, 2014.

During the FirstLook period, owner-occupant or public entity buyers may submit offers on HomePath properties, giving them an opportunity to buy a home without investor competition. Fannie Mae recently extended the FirstLook period from fifteen days to twenty days.

“Our goal is to sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery,” says Jay Ryan, Vice President of REO Sales.

The incentive offers qualified buyers up to 3.5 percent of the final sales price to pay closing costs. Buyers can also use the savings to buy down their interest rate through upfront points, resulting in additional savings over time. Buyers should work with the lender of their choice to determine if the program is an option for them.

Prospective buyers can search for properties by visiting www.HomePath.com. On the website, a sales incentive icon will identify each qualifying property and identify the number of days the home will remain in the First Look program. HomePath properties include single-family homes, condominiums and town houses.

© 2014 Florida Realtors®

Related Topics: Buyer services