Fannie Mae has brought back incentives for both home buyers purchasing homes from their inventory of bank owned homes effective immediately. Perhaps this in response to the 129,310 single family bank-owned properties or REOs as they're called, which is more twice their inventory just one year ago. Below is the official release from Fannie Mae's HomePath website.
New Buyer and Selling Agent Incentive on HomePath® Homes
Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 bonus for selling agents on HomePath properties through December 31, 2010.
Buyers and selling agents must meet the following qualifications to be eligible for the incentive:
•· HomePath property sale must close on or before December 31, 2010 and close within 60 days of offer acceptance
•· Only owner occupants purchasing a HomePath property will receive up to 3.5% in closing cost assistance
•· Only selling agents representing owner occupants purchasing a HomePath property will receive a $1,500 bonus. To be eligible for the agent's bonus, the initial offer must be submitted on or after September 23, close within 60 days of offer acceptance and close on or before December 31, 2010. No bonus will be given for investor purchases.
•· Buyers and selling agents must request incentive upon submission of initial offer in order to be eligible.
Terry Edwards, Executive VP of Fannie's Credit Portfolio Management said the following in the press release for this announcement. "We continue to look for ways to stabilize neighborhoods and offer incentives to qualified buyers who will occupy these properties over the long-term and help support their communities."
The program will not be in effect all that long, but provides a little additional incentive to both homeowners looking to purchase a new home and the real estate agents selling these bank owned properties. Of course the effect it will actually have on additional REO home sales will have to be seen.
For more information on current programs for existing and potential homeowners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: info@strategicmtgaz.com or online at www.strategicmtgaz.com
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