June 15, 2011 (Shirley Allen)

Fannie Mae is serious about reducing its Real Estate Owned (REO) properties and has announced an expansion of its current incentives to help reduce its inventory. Qualified buyers and selling agents will be able to continue to receive closing cost assistance and bonuses for sales made through the HomePath REO website until October 31, 2011.

Qualified homebuyers can receive up to 3.5 percent of the final sales price towards closing costs. Buyers must reside in the home as their primary residence.

Meanwhile, sales agents who represent the owner occupant buyer can receive a $1,200 bonus.

Buyers and sales agents who wish to receive the incentives must request the incentive in the initial offer. The program started June 14th, but the sale must close by October 31st, 2011. Sorry investors, you are not eligible for this incentive offer.

“Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover,” said Ed Neill, Senior Vice President for Credit Loss Management at Fannie Mae. “Our previous incentives have been effective in securing owner occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities.”

Homepath REO properties have a lot to offer, including eligibility in other programs like Homepath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

Choose from a wide variety of homes including single-family homes, townhouses, and condominiums.

Check out everything Fannie Mae has to offer at the HomePath REO website.

Tags: Fannie Mae, REO, HomePath, qualified buyers, sales agents, incentives, closing costs, bonuses