Fannie Mae Announces New HomePath Incentives Including $1,500 Bonus For Selling Agents

Incentives Available For Qualified Buyers!

On September 23, 2010, Fannie Mae announced incentives in connection with the sale of Fannie Mae-owned properties listed on the company's REO website, http://www.homepath.com/ for qualified homebuyers who submit eligible offers on or after September 23, 2010 and close by December 31, 2010.

Incentives For Selling Agents!

In addition, Fannie Mae announced a new $1,500 bonus incentive for selling agents representing qualified owner-occupants homebuyers who close by the deadline. Qualified homebuyers may receive up to 3.5 percent of the final sales price that can cover closing cost assistance, including a home warranty, if desired and available.

Sale Must Close in 60 Days of Accepted Offer

The sale must close within 60 days of the offer being accepted and no incentives will be given for investor purchase. Fannie Mae Homepath properties are owned by Fannie Mae and include a wide selection of homes, including single-family homes, condominiums and town houses.

U.S. Treasury Dept. Revises Short Sale Guidelines to Assist Homeowners

SHORT SALE GUIDELINES REVISED

WASHINGTON (Associated Press) - Guidelines for short sales to help homeowners who need to sell their houses but cannot secure contracts at a high enough price to pay off their mortgages have been revised by the Treasury Department.

The plan was created to aid homeowners whose income or debt is too low to qualify them for a loan modification under the Making Home Affordable program. The plan establishes timetables, a standard process and documents, and cash incentives for participation.

The new guidelines require the following:

Property be the homeowner's primary residence;

homeowner be delinquent on the mortgage or likely to default; loan was made before Jan.1 this year and is less than $729,750 and borrowers' total monthly mortgage payment exceeds 31 percent of their before-tax income.

The guidelines are expected to reduce paperwork by requiring mortgage companies to use the financial and hardship documents submitted by borrowers seeking a loan modification. To speed up the approval process, mortgage companies will have to approve short-sale terms, including the minimum listing price, before the house is put on the market. Mortgage companies will be required to offer the program as of April 5, 2010.