Monday, July 25, 2011

New Fannie Mae Incentives

Since this is the first serious blog I have written/posted I thought I might give some credibility to it by letting everyone know about our experience with Fanie Mae. Jerri and I are a direct Fannie Mae broker. We handle a large inventory of foreclosed homes for Fannie Mae that are in different stages of the foreclosure. We handle the process from the initial eviction, to repairs, listing and then the final close. We've been a Fannie Mae property manager long before the big rise in foreclosures started. I would like to say that we have seen it all when it comes to the foreclosure market but each day has been an adventure.

Not all is doom and gloom in the world of foreclosures. Although it's a devastating ending for a homeowner, regardless of the reason, to have your home foreclosed on. That's not the side of the business we enjoy but on the other side of the equation we often get to help buyers realize their dream of owning a new home and actually starting out with some equity in it.

Fannie Mae is doing their part in helping buyer's with this process. Fannie Mae has recently rolled out a program that offers incentives for "owner occupants" that purchase Fannie Mae HomePath qualified foreclosed homes. If you can close by October 31, 2011, Fannie Mae is offering up to 3% in closing cost assistance to help buyers get in to one of their foreclosed properties. Buying a foreclosed home may not be everyone's cup of tea but many of the Fannie Mae homes we market have been renovated. Quite often we will have new flooring installed along with new paint on the wall and ceiling surfaces. Installing new appliances and light fixtures are also part of most renovations.

Unfortunately these incentives are not available to investors but the great values offered in a Fannie Mae foreclosure can be enjoyed far beyond these incentives. Pricing on these homes are always below market value. There are mortgage savings through a HomePath mortgage and if you purchase a foreclosure that was not renovated by Fannie Mae then simply talk to your mortgage broker about a 203K repair loan. Some mortgage brokers are not set up to do HomePath mortgages but it's nice to have that covered through Allen Tate Mortgage.

I hope my first attempt at blogging was beneficial to someone. I might try to include some of those "foreclosure adventures" in future blogs. Trust me, that will be interesting reading! Call me if you need me.

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