Fannie Offers REO Incentives to Owner Occupants

Starting tomorrow Fannie Mae will offer some homebuyersrna special incentive to purchase through its HomePath program which the companyrnuses to market foreclosed properties. rnThere are several restrictions on eligibility, but those qualifying canrnreceive up to 3.5 percent in closing cost assistance.  </p

First, the property must be located in one of 27rneligible states.  Second, the house mustrnbe in HomePath’s FirstLook period – a 20 day window during which only ownerrnoccupants are eligible to submit an offer on the property, giving them thernopportunity to purchase without competition from investors.  The offer must be an initial one and submittedrnbetween February 14 and March 31, 2014. rnThe transaction must close before May 31, 2014.</p

“This incentive will provide morernopportunities for families to find a property to call home,” said Jay Ryan,rnVice President of REO Sales.  “Our goal is to sell as many HomePathrnproperties as possible to owner-occupants who will stabilize neighborhoods andrnhelp the housing recovery.” </p

Qualified buyers can receive up torn3.5 percent of the final sales price to pay closing costs which, Fannie Maernsays, could also include buying down the mortgage interest rate through upfrontrnpoints, resulting in additional savings over time. </p

The 27 states where the incentive isrnavailable are: </p<table align="left" border="0" cellpadding="0" width="612"<tbody<tr<td

Arizona</p</td<td

Maryland</p</td<td

Newrn Mexico</p</td</tr<tr<td

California</p</td<td

Massachusetts</p</td<td

Ohio</p</td</tr<tr<td

Florida</p</td<td

Michigan</p</td<td

Oregon</p</td</tr<tr<td

Idaho</p</td<td

Minnesota</p</td<td

Puertorn Rico</p</td</tr<tr<td

Illinois</p</td<td

Missouri</p</td<td

Tennessee</p</td</tr<tr<td

Indiana</p</td<td

Nebraska</p</td<td

Virginia</p</td</tr<tr<td

Iowa</p</td<td

Nevada</p</td<td

Washington</p</td</tr<tr<td

Kansas</p</td<td

Newrn Hampshire</p</td<td

Westrn Virginia</p</td</tr<tr<td

Maine</p</td<td

Newrn Jersey</p</td<td

Wisconsin</p</td</tr</tbody

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