Fannie Mae Extends Its Seller Assistance Incentive

As part of its ongoing efforts to stabilize neighborhoods across the country, Fannie Mae announced Tuesday that it has extended its seller assistance incentive on properties purchased through HomePath, the company’s REO disposition operation.

Through this program, qualified buyers receive 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of selected appliances. In addition, Fannie Mae said these properties may be eligible for special HomePath mortgage and HomePath renovation mortgage financing, which offers prospective buyers an opportunity to purchase properties with as little as 3 percent down.

As DSNews.com previously reported, the seller assistance program originally started in January and was set to expire on May 1, 2010. But with this new extension, the offer is now available to any owner-occupant who closes on the purchase of a property listed on the HomePath Web site by June 30, 2010.

“We are happy with the results of the program, which has helped us to sell properties quickly, thereby stabilizing neighborhoods and property values,” said Terry Edwards, Fannie Mae’s EVP of credit portfolio management.

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