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Fannie Incntative

by Jann Swanson

Fannie Offers REO Incentives to Owner Occupants

Starting tomorrow Fannie Mae will offer some homebuyers a special incentive to purchase through its HomePath program which the company uses to market foreclosed properties.  There are several restrictions on eligibility, but those qualifying can receive up to 3.5 percent in closing cost assistance.

First, the property must be located in one of 27 eligible states.  Second, the house must be in HomePath's FirstLook period - a 20 day window during which only owner occupants are eligible to submit an offer on the property, giving them the opportunity to purchase without competition from investors.  The offer must be an initial one and submitted between February 14 and March 31, 2014.  The transaction must close before May 31, 2014.

"This incentive will provide more opportunities for families to find a property to call home," said Jay Ryan, Vice President of REO Sales.  "Our goal is to sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery."

Qualified buyers can receive up to 3.5 percent of the final sales price to pay closing costs which, Fannie Mae says, could also include buying down the mortgage interest rate through upfront points, resulting in additional savings over time.

The 27 states where the incentive is available are:

Arizona

Maryland

New Mexico

California

Massachusetts

Ohio

Florida

Michigan

Oregon

Idaho

Minnesota

Puerto Rico

Illinois

Missouri

Tennessee

Indiana

Nebraska

Virginia

Iowa

Nevada

Washington

Kansas

New Hampshire

West Virginia

Maine

New Jersey

Wisconsin

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