Fannie Mae adds broker bonuses, downpayment aid to move REO
Fannie Mae will give REO agents and brokers who sell a previously foreclosed property to an owner-occupant a $1,500 bonus per sale. The government-sponsored enterprise will also give qualified homebuyers 3.5% of the final sales price that can be used toward the closing cost, including home warranty. Eligible offers must be submitted on or after Sept. 23 and must close by Dec. 31, 2010. Fannie said the sale must close within 60 days of the accepted offer. Terry Edwards, executive vice president of credit portfolio management at Fannie, said more than 87,000 families have purchased a Homepath property in the first half of 2010. Homepath is the in-house manager of the Fannie Mae foreclosures. It hires vendors and agents to rehabilitate the home and ready it for the market again. "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," Edwards said. Fannie Mae, Freddie Mac and many lenders have instituted a First Look program to give owner-occupants a head start ahead of investors to buy these previously foreclosed homes. In one year of the First Look program, Fannie has sold more than 29,000 REO to owner-occupants. Write to Jon Prior.