Fannie Offers Asheville Home Buyers Closing Cost Help for REOs

Asheville Real Estate is being helped by Fannie Mae in an attempt to lure more buyers to its foreclosure properties by paying 3.5 percent in closing costs for home owners who close by June 30th.

Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.

In the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales.

Areas like Waynesville and Maggie Valley Home buyers can really take advantage of a program like this because of the high number of Bank Owned second homes.