Fannie, Freddie offer incentives for foreclosure buyers

10/12/2009 | NYTimes.com

Fannie Mae and Freddie Mac are sweetening the deal for investors who buy foreclosed homes from their inventories. To help cover the closing cost, Freddie is offering buyers as much as 3.5% of the property's selling price. Fannie is providing mortgages on foreclosed properties with a 3% down payment and no private mortgage insurance. Fannie is looking at reviving an expired program that covers the cost of repairs for as much as $3,000 for the first six months of ownership.

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