Thursday, March 24, 2011

Government Offers Attractive Financing on Foreclosed Homes

Fannie Mae, the giant mortgage lender that was taken over by the government last year, is awash with foreclosed property that it needs to liquidate. It has announced a new loan program for foreclosed homes that it owns that has some unique features:

  1. Homes are listed at a price designed to result in a quick sale.
  2. Many homes are in excellent condition and require little or no work.
  3. Low down payment of 3%
  4. Up to 3.5% closing cost help from Fannie Mae
  5. No appraisal required.
  6. No mortgage Insurance.
  7. The contract price is negotiable.
  8. The 3% down payment can come from a gift or grant.
  9. Only $500 deposit money at contract.
  10. Additional funds available for light renovation if needed.
  11. Prospective owner occupants are given a 15 day “First Look” after the property is listed. 

This program is also available to investors but the loan is limited to 80%. All home in the HomePath program are listed on the Internet at For example, as of this writing there were 99 properties in Baltimore County ranging in price from $44,000 to $449,000. You can also register on their website to get email alerts as new properties are added. If you see a property of interest and wish to visit it, call Bob McGee of Advanced Realty Timonium at 410-560-4574. Or if you have a particular type of home in mind I can search the entire database.

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