Have you recently noticed there are a limited number of listings for REO (Real Estate Owned) properties? There is a logical explanation for this housing situation. Since November 2008 the US government has been designing a housing bill. During this process they have placed a moratorium on many financial institutions and government agencies, such as Fannie Mae and Freddie Mac (companies that would benefit from this bill) from introducing any new REO listings in to the market place.
There are currently thousands of properties in inventory waiting to be released for sale. These properties will become available as soon as the housing bill has been passed by the House and the Senate and signed in to law by President Obama.
In the interim Fannie Mae has introduced a new REO loan program thru their HomePath, designed to assist homebuyers who would like to purchase Fannie Mae properties.
The key benefits of the HomePath Mortgage Loan:
· Only 3% down required on primary residences.
· Only 10% down on 1-2 unit investment properties.
· No mortgage insurance required (PMI).
· No property appraisal required.
· Get up to 6% in seller concessions on primary residence properties.
To qualify you must have a completed loan package:
1. Pre-approval letter from a verifiable direct lender.
2. Credit score (FICO).
3. Proof of income.
4. Proof of funds.
5. Employment verification.
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