Fannie Mae offers new program for first-time homebuyers of bank-owned properties

Fannie Mae recently began offering to pay up to 3% of closing costs for buyers of bank-owned properties. That would save a buyer $4,500 on a $150,000 home and would equal the program’s required 3% down payment. The incentive is part of Fannie Mae’s HomePath program, designed to liquidate thousands of foreclosed properties.

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