Tag Archives: Fannie Mae

Fannie Mae Announces New Incentives for Homebuyers

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To help move the record number of foreclosed homes, new incentives are being offered  for homebuyers and real estate agents. Fannie Mae, a government-sponsored​ enterprise, adds liquidity to the mortgage market by buying certain home loans. By buying up loans, Fannie Mae puts money back into the mortgage market so banks can lend more money to homebuyers.

  • Homebuyers. Through Oct. 31, Fannie Mae is offering homebuyers up to 3.5% of the final sales price to put toward closing costs. This incentive applies only to buyers who plan to live in the home. Investors do not qualify.
  • Agents. Fannie Mae is offering a $1,200 bonus to real estate agents who represent the owner-occupant buyer. (Again, sales to investors do not qualify.)

You can find all the terms and conditions that must be met at HomePath.com

Government Unveils New Mortgage Assistance

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The Obama Administration is sending more help to the housing market. 

 

On Monday, a new government program was revealed that will help support local and state finance agencies.  The plan will help finance mortgages for first-time homebuyers and also create more properties that will be available for rent. 

 

Recently, these agencies have had a difficult time raising money due to the credit crunch and the state of the housing market.  These agencies have sold about $4 billion in tax-exempt bonds this year.  This number is down from the past which is putting a limit on the amount of loans they can make. 

 

The new plan from the Obama Administration will use Fannie Mae and Freddie Mac to help alleviate some pressure on credit.  Together, the companies will package their mortgages and sell them as bonds to the treasury department. 

 

“It’s an additional layer of assistance to borrowers who are seeking a mortgage at a time when credit is scarce,” said Howard Glaser, a mortgage industry consultant in Washington. “It doesn’t solve all the problems of the housing market, but every little bit helps.”