Fannie Gives 3.5% REO Discount
Fannie Mae (FNM) will provide a 3.5% discount to those purchasing a real-estate owned (REO) property listed as part of its HomePath division, according to a company notice. The discount can be used for closing cost assistance or the buyer’s choice of appliances. The offer applies to any owner-occupant who closes on a property listed on HomePath.com before May 1, 2010. "Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president of Fannie’s credit portfolio management, in a statement. "Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help." Eligible properties are listed on HomePath.com. Most listings include property descriptions, photographs and community and school information. Other financing through Fannie Mae offers homebuyers opportunities to purchase with up to 3% down. Fannie joins the US Department of Housing and Urban Development (HUD) in providing additional financing for foreclosed property. Write to Jon Prior. Disclosure: The author holds no relevant investment positions.