New Incentive for Byers to Purchase Bank Owned Properties by Fannie Mae
Fannie Mae is offering an incentive for buyers purchasing and closing on a Fannie Mae REO between January 28 and April 30, 2010.
The incentive’s goals are to encourage buyers to purchase REO properties and increase the sales volumes to help manage the higher levels of inventory anticipated this year.
The incentive is a total of 3.5% of the final selling price comprised of:
· Closing costs ·
- The purchase of new Whirlpool® appliances by Fannie Mae
- A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%
Since lenders may impose their own limitations on the use of the 3.5% incentive, buyers should consult their lenders for guidance.
To be eligible for this incentive:
· Offers must be accepted on or after January 28, 2010
· Property sales must close before May 1, 2010
· Buyers must be owner-occupants, investors are excluded
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