Closing Cost For Buyers

Fannie Mae (song)
Fannie Mae (song) (Photo credit: Wikipedia)

Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing cost for home owners who close by June 30th on all Home Path properties.

Fannie Mae program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals, which is good for some properties here in Mendocino County.

During

the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales.

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