Greetings,
Limited time on this one folks (don't you love that old tried and true but now real tired phrase!). Nevertheless, FannieMae is calling the shots on this one so you gotta play be their rules....contact me right away to get qualified, or have an associate/friend/family member contact me. The fact is, it's a GREAT time to buy in most areas of the country right now as values are about as low as they are going to go, and interest rates will continue creeping up. Do NOT miss the boat on this unprecedented market we are now in.
How do I know values are at or near the bottom? The simple fact is that right now while I am writing this real estate investors are snatching up property and paying cash to do so. That activity is one of the first signs of a recovering real estate market.
We have also seen rental property vacancy rates come down, and monthly rent expense has gone up; another sign of recovery.
No, we are not out of the woods yet, but please do not be one of those who misses the boat and says, "Man, I should have jumped on that while the timing was right."
I am here to tell you that the time is right...right now! If you don't get moving someone else will. Don't believe that? Ask anyone trying to buy right now what happened when they submitted an offer on a bank-owned property. You will likely hear that after several offers, they still haven't had an offer accepted due to competing offers, many of them for cash.
You do have an opportunity to get in on this if you do something now. Please do not say you didn't know...after reading this, you now know!
Contact me today...I'll provide honest answers and take good care of your specific needs...I've been doing that for my clients for a long time!
Here's the scoop on the Fannie program:
Properties owned by FannieMae (taken back by Fannie in a foreclosure) are sold by Fannie through their HomePath program.
You will first need to be pre-approved by a lender (me; apply at www.mijoymortgage.com, or contact me by phone or e-mail), and a local Real Estate Broker/Agent must write a purchase offer for you. Sound confusing? Not to worry, I can walk you through this one step at a time.
Fannie Mae has recently announced a special incentive, effective with offers submitted on or after April 11th on HomePath properties. FannieMae is currently offering buyers up to 3.5% (of the purchase price) in closing cost assistance through June 30, 2011.
The HomePath property buyer must meet the following qualifications to be eligible: Buyers and/or selling agents must request the incentive upon submission of the initial offer in order to be eligible. The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive. The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive. The buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum. If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.
Until next time....
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