Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.
Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.
During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales.
Source: “To Move REO, Fannie Offers Deals to Consumers,” National Mortgage News (April 12, 2011)
Filed under: Bank Owned/REO, First Time Home Buyer, Foreclosures, Real Estate Investor, Uncategorized Tagged: | Bank Owned Property, Bank Owned/REO, Bank Repossessions, Fannie Mae, Foreclosure, Foreclosures, Freddie Mac, Home Buyers, Home insurance, Home Sales, Investing, Mortgage, mortgage news, Real Estate Investor, Real estate owned, U.S. Housing Market, WA Real Estate, WA REO
