Fannie Mae is offering special incentives to buyers if you buy one of their REOs through March 31, 2014.
Up to 3.5% in closing cost assitance is available strictly for people who want to occupy these REOs (real estate owned properties); this is not people looking for homes as investments.
In order to qualify for the incentive money, you must be under contract no later than the end of March and close by May 31.
Visit HomePath.com to see the existing inventory. This is very zip code specific and you have to know the neighborhood to know if you're getting a deal.
Meanwhile, Freddie Mac has its own website to unload REOs, where they're currently offering a $500 incentive through April 15. Check them out at HomeSteps.com.
For further reading:
Image Credit: Matthew Mazzotta