Fannie Mae offers to pay closing costs if... buy one of the 50,000 foreclosed homes they own!

Here's the whole story from the Florida Association of Realtors"

Fannie Mae, the largest provider of residential home funding in the United States, announced on Friday that it would start to pay closing costs for buyers of foreclosed homes in its inventory. Buyers of qualified properties will get up to 3.5 percent in closing costs or an equivalent amount for the purchase of new appliances.

Fannie wants to clear out the nearly 50,000 properties it has in inventory – listed on, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. The offer is available to any owner-occupant who closes on the purchase of a property listed on before May 1, 2010.

Applicable properties can be found on, along with property descriptions, photographs, community and school information, and more. In addition, some Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers qualified homebuyers the ability to purchase with as little as 3 percent down.“Attracting qualified buyers to the market and reducing inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover,” Terry Edwards, executive vice president for credit portfolio management, said in a statement.

With choices like this and interest rates below 5%, why wouldn't you buy a house??