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Foreclosure/REO

REO is an abbreviation for a Real Estate Owned property. REOs and FORECLOSUREs are not the same thing. However, an REO is only produced as a result of a foreclosure where the lender has repossessed the property to re-sell.

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Welcome to So California’s Inland Empire; Known as “The IE,” to locals. Find local and regional news, market conditions, and homes for sale; stay informed about issues that affect the San Bernardino / Riverside county economy.

Loss Mitigation

Loss Mitigation is used to describe a third party assisting in the process of negotiation between a homeowner and their lender. Loss Mitigation works to negotiate terms for the homeowner that prevents foreclosure.

Short Sales

A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff less than the balance due on the loan typically executed to prevent foreclosure, but may or may not involve a property in foreclosure.

Home » First Time Buyer, Foreclosure/REO, Mortgage & Financing, Tips on Buying A Home

Special Homepath Financing On Certain Homes

Submitted by Mykel on Saturday, 14 February 2009No Comment
Special Homepath Financing On Certain Homes

Did you know . . . Fannie Mae is offering special financing when you buy one of their bank owned homes! 

This special financing is available on Fannie Mae homes with this logo:

How does this breaking news affect you? 

The benefits of the Fannie Mae HomePath program include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance
  • No appraisal fees
  • FREE home warranty is included with the purchase.

Here’s the best part about this Fannie Mae special financing program . . . you could put .5% LESS down than qualifying with an FHA loan plus you DO NOT pay any Mortgage Insurance!

Investors they have not forgotten about you either . . .

The Fannie Mae special financing program is offering 10% down for non-owner occupied properties with NO Mortgage Insurance.  If you are looking for an investment home in the Inland Empire, this certainly beats the 25% down typical Investor financing available elsewhere.

Fannie Mae is even offering a Renovation Program that allows you to finance light renovations upfront and add it to the loan amount.  So if you find an Inland Empire Fannie Mae owned home with some vandalism issues, you can finance the repairs needed right in your purchase loan.

Here is a link to search for homes in your area >>

If you find something you want to take a closer look at, give us a call so we can discuss this excellent opportunity further!

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