Buy A Home With No Money Down?!

Buyers if you buy a Fannie Mae owned REO (becoming a majority of the REOs) you will now receive a 3.5% kick back designed to cover your closing costs. This is IN ADDITION to the ‘home buyer tax credit’ that expires in April 2010. Remember, FHA buyers can also have the seller contribute 3.5% toward their DOWN PAYMENT. This effectively makes it possible for buyers to buy with no money down.

Why this new program from Fannie Mae? by covering the closing costs on purchases of its REO homes – Fannie Mae is hoping that this new incentive will help it pare down a bloated supply of repossessed foreclosed properties. So the nation’s largest mortgage financier has announced this temporary seller-assistance program under which people purchasing a property through HomePath, Fannie Mae’s REO disposition operation, will receive up to 3.5 percent of the final sales price, which can be applied toward closing costs or used to purchase appliances for their new home.

The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010, the company said. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, with as little as 3 percent down.

Recent data from Fannie Mae show an increase in the acquisition of foreclosed properties and an escalating rate of seriously delinquent loans, which means even larger volumes of REOs could be coming down the pipeline. So as you can see, this effectively makes it possible for buyers to buy with no money down.

If you would like a list of all Fannie-Mae homes currently listed in Ventura County call me (Carol Senff @ Troop Real Estate) at 805 497-3200.