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New Incentive for Buyers of Fannie Mae-Owned Properties | On January 28, 2010, Fannie Mae announced incentives for buyers to help clear its inventory of homes listed for sale on HomePath.com. To be eligible, a buyer must be the owner-occupant (not an investor), have the offer accepted on or after January 28, 2010, and close before May 1, 2010. Buyers may receive an incentive of up to 3.5% of the sales price for closing costs or the purchase of a new Whirlpool® appliance by Fannie Mae, or a combination at the option of the buyer.
How to Get the Extended Home Buyer Tax Credit
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The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. |
