Fannie Mae (biggest provider of home fundining in the U.S.) announced on Friday that they will be helping buyers by paying there closing costs on foreclosed homes that are in their inventory. Buyers can get up to 3.5% to use for closing costs, or for the purchase of new appliances. There are currently almost 50,000 homes in Fannie Mae's foreclosure inventory, and they are trying to reduce that inventory. Paying 3.5% is a nice offering from them to the buyer, but this will also help our economy. More people buying homes, means more people getting more jobs. The list of potential jobs related to a home or home purchase can be quite large, so any boost to the housing market is a helpful boost to the economy.
"Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover," said Terry Edwards, executive vice president for credit portfolio management.
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