Fannie Mae offers state buyers, agents cash incentives

Fannie Mae announced today that it is restoring its closing-cost assistance for HomePath buyers and will pay a $1,000 bonus to buyers’ agents in Washington State whose clients close on a HomePath property by June 30.

Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5 percent in closing cost assistance. Second homes and investment properties are excluded from the incentive.

HomePath properties, also known as real estate owned (REO), are those homes that Fannie Mae has acquired through foreclosure, deed in lieu of foreclosure, or forfeiture. For example, there are 587 such properties in King County; 333 in Snohomish County; 316 in Pierce County; 67 in Kitsap County; 57 in Skagit County, and 53 in Thurston County.

Fannie Mae pays listing agents representing its REO properties a standard commission of 2.5 percent, with a guaranteed minimum of $1,000. Buyer’s agents are paid commissions equal to 3 percent of the sales price.