Like a car dealership at the end of it's model year...
Like a car dealership at the end of it's model year, Fannie is offering special incentives exclusively for owner occupants that purchase property from it's sizable inventory of foreclosure properties.
Owner occupants that purchase a Fannie property by December 31 will receive up to 3.5% toward closing costs and a home warranty. These incentives for foreclosures are unheard of banks typically sell foreclosures as-is without incentives, warranties, or repairs. This could help buyers to view a property more like a traditional sale, not a foreclosure, during their search process.
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Owners and investors can purchase properties for 3% down and no mortgage insurance. For homes that are not in tip-top shape, Fannie Mae also offers the Renovation financing, which works similarly to FHAs 203(k) mortgage by allowing the cost of light renovation to be included in the mortgage. Furthermore, owner occupants get a 15-day first dibs on properties through the First Look program.
Fannie is also offering agents an additional $1500 for representing owner occupants who purchase these properties, helping to compensate them for the extra paperwork and other potential obstacles that come along with foreclosure transactions.
Buyers should be sure to take a second look at Fannie's properties before settling on the one. It could mean not just a great deal but an excellent one.
Options for Investors :
Not only is it the perfect time to buy a home, but it's also an excellent time to purchase an investment property. If you already own and are not interested in moving or you can't because of the 3-year occupancy requirement to keep your home buyer tax credit but still want to take advantage of the market, investing can be a great way to do so.
In the current lending situation, lenders often require investor buyers to have six months reserves of mortgage payments and a 25% down payment. This stipulation keeps many would-be investors out of the market.
Here are some little known tips to help investors purchase, regardless of the tighter lending environment:
1. Investors can purchase a Fannie Property investment for 3% down.
2. Any investor, not just veterans, can purchase a Veterans Affairs(VA) foreclosure with VAs Financing for 5% down.
3. Investors purchasing a VA foreclosure with Financing can use 75% of anticipated rent to offset the monthly payment if the investor has experience managing rental properties.
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Posted in Real Estate Post Date 12/23/2016