This week, the Federal National Mortgage Association (FNMA) commonly known as Fannie Mae announced people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.

In addition to the closing incentive of 3.5 percent, many Fannie Mae-owned properties are eligible for special financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.

With the federal tax credit still available for first time home buyers and eligible existing/previous home owners this is a very nice additional incentive to spur buyers into action and thus reduce the inventory of vacant homes.  Getting these vacant lender owned homes sold will help stabilize neighborhoods and the recovery of the Sacramento real estate market.   The Fannie Mae incentive can be used to pay closing costs and/or buy new appliances

If you or someone you know is considering buying a home and has any questions about locating an eligible Fannie Mae home or needs help, please call Julie Jalone at (916) 290-9339 or email me at juliej@jalone.com.