Middle to low income families now has the opportunity to become property owners through Fannie Mae foreclosures. They have access to decent properties offered at relatively easier payment terms compared to regular mortgages.
Fannie Mae foreclosures are foreclosed properties which were purchased through a loan secured by the Federal National Mortgage Association. They have been sold at a very low price in the first place and now that they have been foreclosed upon, the value has dropped even more. Fannie Mae is a government-backed entity that operates in the secondary mortgage market. The company secures mortgage loans to enable the lending industry to provide more loans to the general public.
Fannie Mae partners with financial institutions to enable more people to purchase a home. Their inventory of foreclosures are being offered primarily to low income families who intend make the property their residence. There are certain conditions to qualify for this type of foreclosed property. Candidates must have a good credit score and a steady source of livelihood at the minimum.
Other Aspects of Foreclosed Fannie Mae Homes
These homes are all sold as is so it is suggested that buyers set aside funds for repairs. Buyers can approach any Fannie Mae accredited real estate broker or agent to purchase a property. These brokers will guide and represent buyers through the entire buying process.
Prospective buyers of Fannie Mae foreclosures may also seek other government home assistance and grants to further lower down the cost of the home they will buy. Government grants can be applied to the down payment or the closing cost. They may also be in the form of lower interest rates or easier mortgage terms.
Becoming a home owner is every personís dream, now almost everyone has the opportunity of realizing that dream through this low cost housing option offered by the government.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.