Fannie Mae broadens foreclosure sales incentives

Between now and the end of October, buyers who purchase a foreclosed home listed on the company’s HomePath website can receive up to 3.5 percent of the final sales price to use toward closing costs.The incentives only apply when a buyer is going to live in the property, not in the case of investor buyers.The HomePath website only includes properties that are owned by Fannie Mae, which buys home loans from banks and other lenders, packages them into bonds with a guarantee against default and sells them to investors around the world. In addition to the sales incentives, buyers of the Fannie Mae properties may also be eligible for mortgage and renovation financing, which gives homebuyers the opportunity to buy with only a 3 percent down payment.

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