New Incentive for Buyers Purchasing Fannie Mae REOs

News from Fannie Mae ...

Fannie Mae is offering an incentive for buyers purchasing and closing on a Fannie Mae REO between January 28 and April 30, 2010. The incentive's goals are to encourage buyers to purchase REO properties and increase the sales volumes to help manage the higher levels of inventory anticipated this year. The incentive is a total of 3.5% of the final selling price comprised of:

· Closing costs

· The purchase of new Whirlpool^® appliances by Fannie Mae

· A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%

Since lenders may impose their own limitations on the use of the 3.5% incentive, buyers should consult their lenders for guidance.

To be eligible for this incentive:

· Offers must be accepted on or after January 28, 2010

· Property sales must close before May 1, 2010

· Buyers must be owner-occupants, investors are excluded

Terry Edwards, Fannie Mae's executive vice-president of credit portfolio management, said in the statement.

"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," he said. "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."

Nancy Moeller, CPA, Real Estate Broker

Seven Gables Real Estate

License #01727426

www.TheOCExperts.com

www.OCBankDeals.com

Direct: 714 276-7006

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