Fannie Mae has reinstated special closing-cost assistance for buyers who close on a home on a REO property (real-estate owned inventory). It is limited and has restrictions; buyers must put in an initial offer on or after April 11, and close on the sale of a Fannie Mae HomePath property by June 30th. Buyers must also occupy the home they are purchasing, and buy it as their primary residence. If buyers make the deadline and qualify they will be eligible to receive up to 3.5 percent in closing-cost assistance on these homes.
According to Fannie Mae, offers submitted before May 15th, have the best chance of qualifying. If you are interested in purchasing a home, now is the best time to make a move. It is important to check the restrictions in your state, as they may vary.