Financing for Foreclosed Homes

Buyers looking for a deal on a foreclosed property have good reason to scroll through the thousands of homes listed by Fannie Mae. In addition to low-down-payment financing and priority status for owner-occupants, the government-controlled mortgage giant has begun offering closing-cost assistance to qualified buyers.

Fannie Mae’s substantial inventory of foreclosed homes is marketed through its HomePath program. Some 31,000 properties are currently listed for sale at HomePath.com. Last year, the agency sold nearly 147,000 HomePath properties, according to recently filed financial statements.

The agency gives an edge to buyers looking for a place to live: When new properties come online, investors are barred from submitting offers for 20 days. During this “First Look” period, owner-occupant buyers (and nonprofit groups) get first dibs. (The First Look logo designates listings still within the 20-day window.)

Read the details…

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