Attention Home Buyers, time is running out for you to take advantage of special incentives from Fannie Mae and Freddie Mac! Contact your Realtor today!

Here’s an brief explanation about the program from the California Association of Realtors website:

“Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes owned by Fannie and Freddie. Home buyers have until Oct. 30 to apply for Freddie Mac’s SmartBuy program, which started in July. This program offers up to 3.5 percent of a home’s sale price to help cover closing costs.

To qualify, the home must be the buyers principal residence and must be selected from Freddie Mac’s HomeSteps Web site: visit www.homesteps.com/homeshoppers.htm
for a list of its foreclosed properties. Loans must close by year’s end. The HomeSteps properties also include two-year warranties on major appliances and electrical, plumbing, and air-conditioning and heating systems.

Fannie Mae’s HomePath program www.homepath.comis an ongoing program and offers more incentives than Freddie Mac’s. Through participating lenders, Fannie will offer mortgages to buyers who make a down payment of 3 percent. The buyers do not have to secure private mortgage insurance, a common practice with nearly all lenders. Home buyers also can negotiate for Fannie Mae to offer closing-cost assistance. Unlike Freddie Mac’s program, Fannie’s assistance level is not capped. Under the HomePath program, the average participating homeowner has received payments equivalent to 3.75 percent of the loan’s value.”

Thousands of Realtors have lobbied for the government to extend these great incentives for Buyers!

Tags: Fannie Mae and Freddie Mac Incentives, Foreclosures, Foreclosures in Foster City CA, Foster City Housing Market

Posted on Friday, October 16th, 2009 at 12:26 pm and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.