New Fannie Mae loan program benefits Prescott and Prescott Valley foreclosure investors

Loan Program from Fannie Mae

Fannie Mae, the Federal National Mortgage Association, has announced a new program for buyers purchasing Fannie Real Estate Owned Properties (REOs).

The motivation behind this program is for Fannie Mae to quickly sell off foreclosed properties. If the parameters fit,this could be a bargain for a motivated buyer. If you will occupy the property, you can put as little as 3% down and an appraisal is not required – the selling price will determine the value of the property. A gift can be used for the down payment/closing costs and no mortgage insurance is required but you must have a 660 credit score.

If you are going to occupy the property, you are eligible for a light renovation loan which can be added to the loan amount. The renovations must be approved and completed within 90 days of funding the loan.

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This product is also available for buyers purchasing a second home but requires 10% down and buyers purchasing an investment property may also put as little as 10% down. The minimum credit score has been lowered for these programs but buyers will still be evaluated on a case by case basis.

This program is available to buyers of condos and properties up to 4 units. For those putting 25% down, you may own up to 10 properties.

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For more information about the current financing market or to get pre-approved, call
Tom 928-775-9330 or email him at tomhenichek@cableone.net.

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