Fannie Mae foreclosure news

HomePath is a program designed exclusively by Fannie Mae for their own REOs. It gives an opportunity to owner-occupants, and to public entities to submit their offers first before the investors can. It is called #FirstLook. Recently #Fannie Mae has made some changes. Now FirstLook has been extended from fifteen to twenty days. Additionally, the buyers who purchase a HomePath property during the FirstLook period, may receive up to 3.5 percent in closing cost assistance. This special offer applies to contracts submitted between February 14th, 2014 and March 31st, 2014. They have to close before May 31st, 2014. HomePath program normally requires minimum of 5 percent down payment, so this temporary change will give cash-strapped borrowers a chance of owning a home.