Fannie Mae offers buyer, agent incentives on foreclosures

Fannie Mae announced the expansion of incentives to encourage sales of HomePath REO properties to owner-occupants.

Now through October 31, qualified buyers can get up to 3.5 percent of the final sales price put towards closing costs. In addition, selling agents representing the owner-occupant buyer can now receive a $1,200 bonus.

The incentive must be requested in the initial offer. Eligible initial offers must be submitted on or after June 14, 2011 and must close by October 31, 2011. Investor sales are not eligible for the incentive.

HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses. 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.