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On April 14, 2015, Fannie Mae announced a new program that offers 3% in closing costs assistance for first time homebuyers that purchase Fannie Mae REO properties. To qualify, borrowers must complete Fannie Mae's online homebuyer education program, must be owner occupants, and have not owned a home in the past three years.
Agents must request the funds in the purchase contract, and once the purchase is complete, Fannie will also reimburse the $75 charged to take the course. Agents can find more information and contract language on Fannie Mae's Homepath website.
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