One of the governors of the Federal Reserve, Sarah Bloom Raskin says, “The worst is not over.” What she is alluding to is the amount of Fannie Mae foreclosures to hit the market in 2011 and 2012. She states, “Our projections remain very grim for the foreseeable future: All told, we expect about two and one-quarter million foreclosure filings this year and again next year, and about two million more in 2012.”
For that reason alone – more REO inventory, I have chose to focus more on getting the word out regarding REO financing and the savings you can bank by purchasing a foreclosure. Another reason why I focus on Fannie Mae foreclosure financing is because Fannie Mae offers a special financing program limited to approved Bellevue Fannie Mae Lenders that makes it much less expensive than it’s low down counter-part, FHA. The Fannie Mae Homepath Program requires only 3% down, and does NOT require an appraisal and PMI (private mortgage insurance). That alone is a savings of $2,000 upfront and over $160/mo. compared to FHA. Check out this brief side-by-side comparison between FHA and the Fannie Mae HomePath Program.
There are minimum credit score guidelines for this program as well as a bit more conservative debt-to-income requirement as compared to FHA. Also, REAL ESTATE INVESTORS can take advantage of this program too. If you were ever thinking about buying a rental property, you can with Fannie Mae Homepath without putting down 20% and without paying for costly PMI…
If you would like a LIVE list of Fannie Mae approved homes in the Eastside or would like to know more about Fannie Mae Homepath Financing, message me below or contact me directly in my office at (425) 350-7136 or email me at email@example.com