Fannie Mae has pulled out all the stops when it comes to selling the properties it ends up with on it's books. Along with the established Homepath mortgage program it is now offering 3.5% of purchase price to home-buyers to help cover closing costs or to purchase new appliances. You can read more about this program by clicking here.
In Philadelphia the selection of Fannie Mae properties is limited (but growing) and is mostly comprised of properties in need of major repairs or renovations - good deals for investors, but not necessarily for owner-occupant buyers. However, if you find a few houses you like and one happens to be a Fannie Mae property this program could help make your buying decision a bit easier.
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