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Fannie Offers Another Special on Closing Costs for REO Buyers

FEB 13, 2014 1:12pm ET
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Fannie Mae is offering one of its periodic incentives for consumers to purchase foreclosed homes before they become available to investors.

Homebuyers who purchase a property through the government-sponsored enterprise's HomePath program in 27 states during a 20-day "FirstLook" period will receive up to 3.5% in closing cost assistance, Fannie said Thursday.

During the FirstLook period, owner-occupant or public entity buyers can submit offers on HomePath housing units including single-family homes, condominiums and townhouses, without competition from investors.

“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 for Fannie Mae, in a press release.

In its third-quarter financial filing, Fannie reported that its inventory of real estate owned increased to nearly 101,000 single-family properties from roughly 97,000 at the end of the second quarter.

Fannie Mae’s total REO sales through the first nine months of 2012 exceeded 140,000 properties.

To be eligible for the latest incentive, the initial offer must be submitted between Feb. 14 and March 31, Fannie Mae said. Also, the purchase must close on or before May 31.

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