Closing cost help for owner-occupied REO buyers

Fannie Mae is offering temporary closing cost assistance to Washington State consumers who buy a Fannie Mae foreclosure as a primary residence.

The offer applies to owner-occupant buyers of its FirstLook homes, a program where buyers get 20 days to purchase homes ahead of competition from investors. Buyers can view the homes at HomePath.com.

Qualified buyers will be eligible to get up to 3.5 percent of the final sales price covered in closing costs.

Fannie noted that some buyers may opt to use the savings from the closing cost assistance to buy down their interest rate through upfront fees, which could result in additional savings over time.

To be eligible, buyers must submit their offers on the homes by March 31, 2014, and the transactions must close before June.

“This incentive will provide more opportunities for families to find a property to call home,” said Jay Ryan, vice president of REO sales. “Our goal is to sell as many HomePath properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery.”