Ar_home_b_search
 

I just learned about the Fannie Mae program which was launched in November to help keep properties occupied if they are foreclosed and also help the tenants from becoming homeless through no fault of their own.  It is called Deed For Lease.

Essentially, as long as the tenant (either borrower or renter) can afford to pay "fair market rents" and their lease payment still falls below 31% of their income, they can sign a 12 month lease and stay in the home instead of adding another distressed looking property into the market!

I hope my fellow Realtors will take the time to learn about this program since it should help stabilize the market in many areas of the country!  For additional details, check out Fannie Mae's website at:

https://www.efanniemae.com/sf/servicing/d4l/

I hope this program helps some of the home owners in Boise, Idaho where I live and across the nation.

Jim Paulson, CRS, GRI, EPRO, SFR

NAR Employer Assisted Housing Instructor and EPRO Instructor
Owner/Broker - Progressive Realty Corporation
Specializing in Boise Idaho Real Estate
http://www.IdahoMLStours.com
Http://www.Progressive-Realty.info

 
Post is included in group: Realtors®
Post is included in group: REO
Post is included in group: REO REALTORS
Post is included in group: Short Sales Specialists

7 Comments on Deed For Lease is great option to keep people in homes!

DEC
05
2009
681,586 Points 130 Featured Posts Attended Rain Camp Called Shot Master

I'm not sure about this yet....Fannie Mae may be the only entity out there really trying to help. Their owned homes give preference to first time home buyers, and they force lenders to give Realtors their full 6%...so maybe this is a good thing too.
11:17am • #1
212,408 Points 3 Featured Posts Localism Sponsor Outside Blog Hit Router

Hey Jim, that's good information to know.

Thanks for posting.

Roy

www.roygiordano.com
11:17am • #2

The biggest thing that worries me about the program is that in the end, the taxpayers will be left holding the bag for repairs, evictions, etc. when Fannie goes asking for their next bailout. 
11:30am • #3
169,775 Points 23 Featured Posts Attended Rain Camp Called Shot Master

Suzy, I think if managed correctly, this should minimize problems.  Would you rather see these homes sit vacant and freeze up in the winter and overheat in the summer while all the landscaping dies?
12:53pm • #4
DEC
06
2009
105,823 Points

This also works for the banks.  It changes a non performing asset into a performing asset.
2:21pm • #5
754,632 Points 7 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Jim, this is a good thing. Thanks for sharing the link and I truly hope this program works.
8:59pm • #6
DEC
07
2009
169,775 Points 23 Featured Posts Attended Rain Camp Called Shot Master

What if the banks did a shared equity purchase with their account holds on these with a deed restriction on profits that had to go to pay down debt held by the same institution?

I will think that through for my next blog.
10:40am • #7

What does the graphic say?

Leave a response…

(optional)
What does the graphic say?
 
Jim_paulson_photo Rainmaker_large

Jim Paulson (Owner/Broker)

Boise, ID

More about me…

Progressive Realty (Boise Idaho) www.Progressive-Realty.info

Address: Boise, ID

Office Phone: (877) 466-9648

Cell Phone: (208) 573-0471

Email Me

Jim Paulson is currently the Past President of the Ada County Association of Realtors. I try to use this experience coupled with my 20 years being a licensed Realtor to help bring you relevant information and hopefully an occasional thought provoking idea or two. I am a member of the Greater Boise Chamber of Commerce and and Accredited business with the Better Business Bureau. I can help with Idaho Foreclosures, Boise Idaho Short Sales, building a new home, or even using First time home buyer grants and niche lending prodcuts to buy or strategically sell homes. I am here for your real estate marketing needs! http://www.IdahoMLStours.com Http://www.Progressive-Realty.info Virtual Tour Inventory WidgetGet Adobe Flash Player


Listings

Links

Archives

RSS 2.0 Feed for this blog

Find ID real estate agents and Boise real estate on ActiveRain.