Fannie Mae Announces Enticements for Selling Its Foreclosure Inventory

Fannie Mae has announced they will begin paying 3.5% towards closing costs or an equivalent amount for the purchase of new appliances for buyers purchasing a property from their foreclosure inventory. According to Terry Edwards, executive vice president for credit portfolio management, "attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover."

Obviously, Fannie is looking to try and clear some of the roughly 50,000 properties it currently has available for sale in its inventory. The offer is available to any "primary owner occupied purchase" that closes on a property listed on their website - www.homepath.com - prior to May 1, 2010. In addition, many of these same properties are also eligible for special HomePath mortgage financing, which offers qualified buyers the ability to purchase with as little as 3% down.

This is good news for buyers looking for a foreclosure deal and should help elevate some of the current glut of properties sitting stagnate on many markets.