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WASHINGTON – June 14, 2011 – Fannie Mae extended incentives to encourage sales of HomePath REO properties to owner occupants. Now through Oct. 31, qualified buyers and selling agents can receive financial incentives on sales of HomePath properties, which can be found at www.homepath.com. The incentives originally would have ended June 30, 2011, and are available on sales to buyers who will reside in the home as their primary residence.

“Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover,” said Ed Neill, senior vice president for credit loss management at Fannie Mae. “Our previous incentives have been effective in securing owner-occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities.”

The expanded incentives offer qualified homebuyers up to 3.5 percent of the final sales price to use towards closing costs. In addition, selling agents representing the owner-occupant buyer can now receive a $1,200 bonus, but the incentive must be requested in the initial offer. Eligible initial offers must be submitted on or after June 14, 2011, and close by Oct. 31, 2011. Investor sales are not eligible.

HomePath properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

© 2011 Florida Realtors®