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Fannie Paying Buyer Incentives

REOs eligible in 27 states

Feb. 14, 2014

By Mortgage Daily staff

Purchasers of Fannie Mae real estate owned assets in more than half of all states are being given closing cost assistance.

The assistance is being provided to buyers of properties in the HomePath database, which only reflects Fannie's properties.

The deal is being offered to buyers in the FirstLook period -- 20 days when owner-occupied buyers can submit offers on HomePath properties without competition from investors.

Washington, D.C.-based Fannie is paying 3.5 percent in closing cost assistance.

"In many cases, buyers could use these savings to buy down their interest rate through upfront points, resulting in additional savings over time," the announcement said. "Buyers can work with the lender of their choice to determine if this is an option."

Properties in 27 states are eligible for the incentive.

The states are Arizona, California, Florida. Idaho, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, New Jersey, Ohio, Oregon, Tennessee, Virginia, Washington, West Virginia and Wisconsin

Buyers must submit their initial offer between Feb. 14 and March 31, and the transaction must close by May 31.

"There is a wide selection of homes, including single-family homes, condominiums, and town houses -- located in a variety of neighborhoods," Fannie says of its HomePath database in a frequently-asked-questions section. "The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas."

HomePath is online at www.homepath.com.

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