Fannie Mae Will Pay Your Closing Costs

February 4, 2010 · Posted in News For Homebuyers

In an effort to reduce its glut of foreclosed properties, government mortgage financier Fannie Mae is now offering 3.5% in seller assistance if you purchase one of their repossessed homes via Homepath.com:

The offer is good for any owner-occupant who purchases an REO (Real estate owned) home listed on Homepath.com by May 1, 2010.

The 3.5 percent of the final sales price may be used toward either closing costs and/or choice of appliances; finally, you can get that shiny metallic Sub-Zero fridge you always wanted.

“Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover” said Terry Edwards, Executive Vice President of Credit Portfolio Management, in a press release.

“Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help.”

If you head over to the Homepath site, you can search your immediate area or the area of your choosing to see what’s on offer.

Many of the properties are also eligible for HomePath® Mortgage Financing, meaning they can be purchased with as little as 3% down payment, and require no mortgage insurance or appraisal fees.