To qualify for this program, you must go under contract after April 11, 2011 and close before June 30, 2011. This is a tight timeframe. Fannie Mae can’t guarantee closing in time, but they do recommend going under contract before May 15 to have the hope of closing in time.
The home must be one that is owned by Fannie Mae, all of which are listed on HomePath.com.
A similar strategy has been in use before, with the goal of unloading Fannie Mae’s inventory of homes. The company acquired 262,078 single-family properties in 2010 — more than the year before, leaving them with an inventory of 162,489 properties still to unload at the end of 2010, with a value of $15 billion.