Blue Flower

fnmaFannie Mae is extending through June 30 an incentive program that gives buyers of distressed properties in its inventory a 3.5 percent rebate of the final sales price. The money can be used toward closing costs or for selected appliances. The program began in January and was set to expire April 30.

Fannie has more than 62,000 homes listed on It wouldn’t comment on the volume of sales driven by its deal, but the company reported owning 86,000 properties at the end of 2009.

Source: Reuters News, Lynn Adler (04/27/2010)