The company’s First Look program is designed to reduce its stock of properties by offering the 3.5 percent cash, which can be used toward closing costs — and is particularly helpful for first-time buyers.
Who’s eligible for the cash?
- Only owner-occupant purchasers (i.e., not investors) are eligible.
- The offer is good for the first 20 days a property is listed on Fannie Mae’s HomePath.com website; each eligible property has a little countdown calendar.
- They must bid on the property by March 31, 2014 and close by May 31, 2014.
Potential buyers still need to shop for a mortgage, and lenders can take the 3.5 percent incentive into consideration. The homes on the HomePath site run the gamut in price and condition. We found, for example, a $65,900 three-bedroom home in Richmond, a $178,500 home in Newport News, and a $326,400 home in Suffolk.
Fannie’s program comes on the heels of Freddie Mac’s, which offers $500 and $1,000 incentives for buyer and seller agents of its REO homes.