FNMA Incentives to Sell Michigan Foreclosures

FNMA offers money for closing costs and appliances to sell more homes.

Michigan, Mortgage, Expert, Birmingham, Bloomfield, Detroit, Rochester, Royal Oak, Troy

Not enough incentives out there to get you to buy a home?

 FNMA has launched its own incentive program to move its Michigan foreclosed homes.  To be eligible, the home must be a foreclosure offered for sale by FNMA with the above "HomePath" logo.

You must close by May 1st, 2010, but the program offers some nice incentives:

• FNMA will pay 3.5% of the sales price towards closing costs.


• Or the buyer can chose to purchase Whirlpool appliances.


• Or the buyer can choose a combination of closing costs & appliances.

To be eligible you must purchase to owner-occupy, no investment properties are allowed.

This special offer is on top of the standard FNMA HomePath program, which offers:

• As little as 3% down, which can be gifted


• No mortgage insurance


• No appraisal fee (FNMA has already determined the property value)


• Can be investment property (higher down payment required)


• Credit can be less than perfect

FNMA does some repairs to these homes, but they are sold "as-is" and you are advised to get your own private inspection.

Click here for more information about the program and to find eligible Michigan foreclosed homes. 

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In addition to real estate lending, consulting and investing, Drew Sygit writes & speaks about the mortgage & real estate industries.  He holds mortgage industry designations CMPS, CMC, CRMS, CMLO, CALO, has an MBA and is an approved industry instructor.  He's presented, spoken and/or written for HUD, Financial Planning Association, Financial Planners Association of Michigan, Michigan Association of CPA's, Institute of Continuing Legal Education, Oakland Real Estate Investors Association, North Oakland County Board of Realtors and numerous industry publications.  For speaking engagements and questions he can be reached at dsygit@TheLendingEdge.com.  He also publishes his own blog:  http://DrewsMortgageNews.com & has a FaceBook FanPage: www.FaceBook.com/TheLendingEdge.