GSE Offers Incentive to Purchase Distressed Properties

Fannie MaeHousingWire says that Fannie Mae is trying to draw buyers to its HomePath properties by offering a 3.5 percent credit towards closing costs.  These homes were obtained through foreclosure or forfeiture and are sold mostly “as is.”  It must be a primary residence for the new owner, as these are not available for investors.  Terry Edwards, executive vice president of Credit Portfolio Management, said, “Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover.”

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