Fannie May Foreclosure Incentives - HAFA

Fannie Mae Update

 

Fannie Mae has made several announcements in recent months.  First, Fannie Mae has announced that they will begin offering an incentive program aimed at trying to reduce property listing in Fannie Mae’s foreclosure inventory.  Fannie Mae hopes to accomplish this reduction by trying to attract qualified home buyers.  Fannie Mae is offering to pay 3.5% towards closing costs or the equivalent amount towards the purchase of new appliances for a buyer who purchases a Fannie Mae foreclosure property.  Fannie Mae currently has over 50,000 properties that fall into this category and this offer is available for homes that close on Fannie Mae’s website www.homepath.com prior to May 1, 2010.

 

Fannie Mae has also offered special financing on the homes purchased through HomePath Mortgages in the HomePath database.  These programs include special options such as low down payments, attractive and flexible mortgage terms, no premium mortgage insurance requirement and no appraisal fee necessary.  This HomePath Mortgage is not available on all of the Fannie Mae homes, but you can check the HomePath website to see if your property qualifies.  With the help of these special offers, buyers have the opportunity to take full advantage of a foreclosure deal helping to reduce the amount of properties sitting idle in many area markets.

 

Katy Homes / Katy Foreclosures / Cinco Ranch Homes