Good news: Fannie Mae, the largest mortgage investor in the country, has a ton of foreclosed houses – about 31,000 of them that they want to sell quickly. You can find them all listed on www.homepath.com To move them quickly out of the inventory , Fannie is temporarily offering qualified owner-occupant purchasers – but not investors – cash incentives of 3.5% percent of the home purchase price. But you have to submit your initial offer no later than March 31, 2014 and close by May 31st.
Bad news: There is not a single Fannie foreclosure listing in Arlington, VA. So no deals or incentives here, but if you are considering other areas in Metro DC – this might be a great source and a great way to buy a starter home.
Freddie has it own spring initiative promotion: On bids received by April 15th, the company is offering $500 that buyers can use to pay condo association dues, flood insurance or home warranty premiums. Definitely not as great as Fannie, but worth checking out! You can find their listings on www.homesteps.com There were a few listings in Arlington on this site.
This information is taken from the article in Washington Post by Kenneth R. Harney. Read full article here.