Fannie Mae, the largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory.
The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.
The goal of Fannie is to clear out the nearly 50,000 properties it has in inventory— listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes.
"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management, in a statement.
Source: Reuters News, Al Yoon (01/28//2010)
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About Me
- PropBob
- Metro Atlanta, Georgia, United States
- Realtor and Real Estate Investor - Revitalizing metro Atlanta, One Property at a Time. www.dovcar.com
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Blog Archive
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2010
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January
(17)
- Fannie to Offer Closing Cost Aid on Foreclosures
- Home Prices Rise Unexpectedly in November
- Banks/Mortgage Lenders Seek Payback from Walkaways
- Ten Inexpensive Ways to Wow Buyers
- No Picket Fence on Some Men's Horizon
- 6 Surprising Facts About the Buyer Tax Credit
- Harder to get an Uncle Sam mortgage
- FHA To Toughen Down Payment Rules
- FHA Property Flipping Waiver
- Downsizing your Home? The Tax Credit is For You Too!
- Atlanta 37th among home price reductions as trend ...
- Record Number of Foreclosures in 2009
- Last chance to refinance below 5%
- Principal Cuts May Prevent Foreclosures
- Foreclosures Weigh on Home Appraisals
- Census: Americans Stayed Put in 2009
- 5 Home Remodeling Trends for the New Year
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January
(17)
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