Fannie Mae announced that it will cover the closing costs on purchases of its foreclosed properties. This means that buyers will receive 3.5% of the final purchase price. The money can be used towards closing costs or for new appliances.

Escrow or closing deadline is May 1, 2010.

Another incentive offered is to only require 3% down on home purchases through HomePath Mortgage. Fannie Mae finally realized that the best way to help the real estate market recover is to get the foreclosed properties off the market. Fannie Mae is hoping that many home buyers taking advantage of the federal tax credit available now will purchase a Fannie Mae home.

Buyers, especially first time home buyers, can score a home run by getting a great deal, receiving the first time home buyer credit of $8000 and also getting additional help from Fannie Mae on the purchase of a Fannie Mae property.

In order to take advantage of these incentives, Buyers must act now. Call 661-726-0696 or Email Us Here