Fannie HomePath® Deals Get Sweeter

September 24, 2010 No Comments »

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In an effort to move more of its distressed inventory, mortgage financier Fannie Mae has added incentives to its HomePath® program.

Qualified homebuyers who plan to be owner-occupants can receive up to 3.5 percent of the final sales price, which can be used for closing costs, including a home warranty, if desired and available.

Additionally, selling agents representing owner-occupants will receive a $1,500 sales bonus.

Eligible offers must be submitted on or after September 23, 2010, and must close by the end of the year.

The sale must also close within 60 days of the offer being accepted.

More than 87,000 families purchased HomePath® properties during the first half of 2010 — nearly double the number of Fannie Mae foreclosed properties sold a year earlier.

“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,” said Terry Edwards, Executive Vice President of Fannie Mae’s Credit Portfolio Management, in a release.

Most properties listed on HomePath® have a “First Look” period of 15 days, meaning only those looking to be owner-occupants can make offers, sparing them from investor competition.

HomePath® financing allows borrowers to get a mortgage with just three percent down and no mortgage insurance or appraisal fees.

Fixed-rate, adjustable-rate, and interest-only loan programs are all available.

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