Fannie Mae foreclosure properties that are ready to be put back on the market. You may be able to use all the typical financing methods, but in order to help move the properties off of their books they have offered a rather unique method as well.
Some of the typical benefits of the program:
- Fair credit eligible
- Small down payment
- No mortgage insurance
- No appraisal options
- Renovation options
Parties interested in purchasing these properties as a primary, owner occupied residence are typically given a first look advantage. This means they will have a specified number of days to purchase the home before investors are given a chance.
Also, you may have the option to choose a home renovation option, where the specified (or sometimes required) improvements are added to the loan amount, instead of being required up front.
Speak with a loan professional to find out which option is best for you today!