Public funds growing with Fannie Mae REO properties

By
Real Estate Agent with Coldwell Banker United Realtors

Use of Public Funds is Growing Quickly

Fannie Mae has closed several hundred Neighborhood Stabilization Program (NSP) - related transactions in recent months. As use of funds from this program continue to grow, it is important that you and your teams are well versed in how to work with buyers using NSP or other public funds.

 

Fannie Mae supports initiatives like HUD's NSP program as part of our commitment to manage disposition of our REO properties, align with our corporate mission and aid the stabilization of communities. To ensure these transactions are consistent and transparent, here is a quick reminder of what's involved:

 

 

  

Neighborhood Stabilization Program (NSP)

An offer from a public entity, public entity's designated partner, or an owner occupant that uses NSP funds must include the following:

  • The language "See Supplement to the Real Estate Purchase Addendum attached hereto and incorporated herein by this reference." in section 38 of the purchase addendum.
  • The appropriate addendum supplement. 

One entitled "NSP owner supplement" to be used when an individual is purchasing a Fannie Mae REO with NSP funds, and one entitled "NSP PE supplement" to be used when a public entity is purchasing a Fannie Mae REO with NSP funds. You may also want to reference the two guides Fannie Mae has available, which outline the process for using public funds for the purchase of Fannie Mae REO. 

 

If you are a public entity or housing non-profit and are interested in purchasing a pool of Fannie Mae properties, e-mail.

If you have additional questions after reviewing these materials, please contact your Fannie Mae sales representative or send inquiries to publicentity_reosales@fanniemae.com

 

 

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