The foreclosure crisis has sparked an interest in finding foreclosed properties, either as an investment or a personal residence. One of the bigger holders of such properties is Fannie Mae, the quasi-federal agency that originated many home loans. They own thousands of properties, and have created some ways of listing and financing them that they hope will make it easier for buyers to take them off their hands. While foreclosed homes are subject to the same (ridiculous) urban legends about pennies-on-the-dollar buys, there may be one worth your while.
Their website for houses, as well as financing, is Homepath. You can search for homes by city, state, or zipcode, by price range, and features like beds and baths. You are shown homes that fit your criteria, with more features, and links to Neighborhood Navigator with information on schools and economic features of the surrounding neighbhorhood.
There is also a tab on financing through Homepath. You don't have to finance through them, but there are some interesting features: if you have a credit score of at least 660, you may put down as little as 3% downpayment, and the down payment could come from a gift, grant, or loan from a nonprofit (for some ideas on where to get this, see this link). The seller may be able to contribute more to the closing costs, and mortgage insurance may not be required. Also, some homes are eligible for a Homepath Renovation Loan, which allows you to loan not only the purchase price, but money towards the rennovation of the house, if necessary. Also, under the First Look Program, personal residential buyers get the first shot at homes for 15 days (30 in Nevada), after which investors get a crack at a home.
Of course, nothing in here is an "automatic bargain," but it offers you more options. The houses are pretty much sold "as is," so an inspection by a professional that you hire is strongly recommended. If you need help sorting out your options, you could contact a HUD certified housing counselor to show you your best bets. More on this via HSH.
Their website for houses, as well as financing, is Homepath. You can search for homes by city, state, or zipcode, by price range, and features like beds and baths. You are shown homes that fit your criteria, with more features, and links to Neighborhood Navigator with information on schools and economic features of the surrounding neighbhorhood.
There is also a tab on financing through Homepath. You don't have to finance through them, but there are some interesting features: if you have a credit score of at least 660, you may put down as little as 3% downpayment, and the down payment could come from a gift, grant, or loan from a nonprofit (for some ideas on where to get this, see this link). The seller may be able to contribute more to the closing costs, and mortgage insurance may not be required. Also, some homes are eligible for a Homepath Renovation Loan, which allows you to loan not only the purchase price, but money towards the rennovation of the house, if necessary. Also, under the First Look Program, personal residential buyers get the first shot at homes for 15 days (30 in Nevada), after which investors get a crack at a home.
Of course, nothing in here is an "automatic bargain," but it offers you more options. The houses are pretty much sold "as is," so an inspection by a professional that you hire is strongly recommended. If you need help sorting out your options, you could contact a HUD certified housing counselor to show you your best bets. More on this via HSH.
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1 comment:
If you are not in the actual estate business, you will find dozens of foreclosed property Net sites to search.
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