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Fannie Mae Offers New Incentives for Buyers

June 6, 2011

The program is called Homepath. It is Fannie Mae’s program to sell bank-owned property. An interesting tip: a property is only called a foreclosure if the owner still owns it and is behind on mortgage payments. Once the property is actually foreclosed on by the bank, and the bank takes possession, then it is known as REO property (real estate owned) or bank owned property. You can search for qualified Homepath properties by city at http://www.homepath.com.

Homepath already offers owner-occupant buyers 3% down with NO MORTGAGE INSURANCE!! Now they are offering up to 3.5% off the final purchase price as a credit to buyers to use for closing costs. And these properties are already good deals because they are bank owned and priced under market. So you could really get into one of these for a total of 3% down (that would be $6000 on a typical purchase of $200,000). And closing costs are covered. Call me with any questions about this one!

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