Fannie Mae Extends Incentive to Buy Their Distressed Home Inventory

 
Fannie Mae announced on Tuesday it is extending its buyer incentive program beyond the original expiration date at the end of this month.  The program is available to borrowers who purchase a Fannie Mae owned HomePath property and intend to owner-occupy.   Homes for sale include single-family houses, condominiums and town houses that have been taken over by Fannie Mae as delinquencies and foreclosures rose.
The program, which will now expire on June 30, 2010, offers buyers of Fannie Mae owned properties listed on the HomePath.com website who close by that date a rebate of 3.5 percent of the purchase price of the house. The rebate can be used toward closing costs, a choice of selected Whirlpool appliances, or a combination of the two at the discretion of the buyer. The incentives were initiated in January and were advertised as a complement to the federal homebuyer tax credits available to both first-time and move-up homebuyers.  Those programs expire at the end of April although buyers have until June 30 to complete their purchases.