Seller Announces,”NO CLOSING COSTS”

Fannie Mae, the largest provider of residential home funding in the United States, announced Friday that it would pay the closing costs on purchases of foreclosed homes in its inventory.  The government-controlled company said buyers of qualified properties will get up to 3.5 percent in closing costs, or an equivalent amount for the purchase of new appliances.

New Affordable Housing Options From Fannie Mae

Fannie Mae has launched several initiatives designed to stabilize neighborhoods and promote purchases by owner occupants and low-income buyers.

Fannie Mae’s “First Look” initiative offers buyers who intend to live in the home, particularly low-income buyers, an opportunity to make an offer during the first 15 days the property is on the market. Investors can only make an offer after the first 15 days have passed.

Uncle Sam, Freddie Mac & Fannie Mae: Three’s Company or Three’s a Crowd?

As of this past Sunday, the US Government, in the nation’s largest financial bailout, has decided to take control of Freddie Mac & Fannie Mae, which collectively control more than half of the nation’s $12 trillion in outstanding home mortgages.   This news has already made it more affordable to borrow money to buy homes.  According to Bankrate.com the 30-year fixed rate dropped by .18% on Monday after the announcement.  But this decision does not make it easier for homebuyers to obtain a loan, which still may be the biggest issue of all.