Fannie Mae Announces 3.5% Buyer Assistance on REO Properties

Fannie Mae announced Monday that borrowers purchasing a Fannie Mae-owned property through HomePath, the GSE's REO disposition operation, will receive up to 3.5 percent in closing cost assistance. The company has implemented this temporary buyer assistance program fairly regularly since the beginning of last year -- a strategy aimed at helping the GSE unload a bloated supply of repossessed homes. Fannie Mae acquired 262,078 single-family REO properties through foreclosure in 2010, compared with 145,617 in 2009.
http://www.dsnews.com/articles/fannie-mae-announces-35-buyer-assistance-on-reo-properties-2011-04-11