Fannie Mae has purchased a $500,000 note from the Florida Housing Finance Corp. to fund the housing agency's Down Payment Assistance Program.The proceeds will be used to fund second mortgages of up to $4,000 for qualified low- and moderate-income families. Under the program, a loan can be used for a downpayment, closing costs, appraisal fees, home inspections, and legal fees. Fannie Mae is providing the funds through its recently announced Down Payment Assistance Investment Note initiative. So far it has bought 18 such notes from housing finance agencies. Fannie Mae's website address is http://www.fanniemae.com.
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