Finding It Hard to Qualify for Home Financing? Try Fannie Mae Homes
First time home buyers who experience difficulties securing a housing loan through the regular channels should consider Fannie Mae homes. This government-backed business entity buys up closed loans to enable lenders to provide financing for first-time buyers who intend to become the owner-occupier of foreclosed properties.
A Walk Through on Fannie Mae Foreclosures
Fannie Mae homes are foreclosed upon when buyers fail to pay for their home loan secured through the company. In this scenario, Fannie Mae had already purchased loans from banks or other financial companies and re-offered the property to the market. When these homes are foreclosed upon the government-sponsored mortgage company offers the homes to the market once more at a lower price.
Purchasing foreclosures offered through this lending company is similar to purchasing a real estate owned company from a bank but with relatively bigger discounts when compared to bank or other types of foreclosures. The government has weighed in and doubled its efforts at fixing the housing crisis by providing bailout programs for the mortgage industry.
Qualifying for these kind of homes likewise follows regular foreclosures. Buyers need to show proof that they are able to pay off their home loan by submitting certain documents which may include tax returns, bank statements if any and social security identification.
These homes cannot be bought directly by buyers. Licensed real estate agents and brokers have been accredited by the Fannie Mae to sell these homes and buyers would need to seek out these agents to initiate a transaction.
As in any other types of foreclosures, these homes are sold as is and so certain repairs would be required. Buyers should never forget to conduct a proper home inspection to determine repair costs. There are some government grants and assistance programs which buyers may be able to avail to further lower down their financial exposure.
Joseph B. Smith has been educating buyers on the finer points of Fannie Mae homes at BankForeclosuresSale.com for over ten years. Contact Joseph B. Smith through BankForeclosuresSale.com if you need help finding information about Fannie Mae homes.