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Showing posts from April, 2011

Fannie Mae brings back REO buyer incentives

Fannie Mae is once again offering closing-cost assistance for buyers who close on a home in the mortgage giant's real-estate owned (REO) inventory. Buyers who put in initial offers on or after April 11, and close on the sale of a Fannie Mae HomePath property by June 30, will be eligible to receive up to 3.5 percent in closing-cost assistance. The offer is only good for buyers who intend to occupy the home they are purchasing as their primary residence -- second homes and investor properties are not eligible. Offers submitted before May 15 have the best chance of qualifying, Fannie Mae said , as offers submitted after that "are particularly questionable for closing" by the June 30 deadline. In its most recent annual report to investors , Fannie Mae said it acquired 262,078 homes in 2010, up 80 percent from 2009. REO sales picked up 51 percent, to 185,744, leaving Fannie Mae with REO inventory of 162,489 homes valued at $14.9 billion at the end of the year. The comp