Boise Idaho Real Estate home buyers and the entire state of Idaho just got a big boost. Fannie Mae just announced a program where they will pay a 3.5% incentive to any Idaho Home Buyer that purchases and closes on a Fannie Mae owned home between January 28, 2010 and April 30, 2010. Buyers purchasing in this time frame may receive up to 3.5% of the final sales price for:
Buyers closing costs
The purchase of new Whirlpool appliances, a the buyer's discretion, up to the maximum 3.5%
A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%
For Idaho Home Buyers to be eligible for this incentive:
Offers must be accepted on or after January 28, 2010
Property sales must close before May 1, 2010
Buyer's must occupy the home as their primary residence and investors are excluded
Fannie Mae sold 89,691 foreclosed homes in the third quarter of 2009, up from 39,864 in the previous quarter it said in it's most recent quarterly filing. Fannie Mae had 72,275 foreclosed homes called REO's or "Real Estate Owned" homes as of September 30th, 2009.
Fannie Mae has been trying to trim it's inventory of foreclosed homes, an inventory that has risen amid a three-year housing slump in which home prices have plummeted. The move is designed to spur sales in a still-weak housing market said Terry Edwards, Fannie Mae's executive vice president of credit portfolio management.
This announcement by Fannie Mae is in addition to the $8,000 and $6,500 Federal Tax Credit that is scheduled to also expire on April 30th of 2010. This is simply a win-win environment for Idaho Home Buyers considering the low mortgage rates that are still available.
How do you find Fannie Mae REO properties? Fannie Mae lists all of it's REO homes at www.HomePath.com and it is a site that is easy to navigate through. Once you have located a Fannie Mae REO that catches your attention you need good representation that is representing YOU ONLY in the transaction. To view one of these Fannie Mae homes email me at george@tallabas.com or call me directly at 208-880-2333 to schedule a showing.