If you are thinking about buying a second home and want a really good price, you might want to consider a Steamboat Springs area Fannie Mae owned properties.
Fannie Mae is the “quasi” government agency that happens to be the biggest provider of mortgage money in the US, and they are stuck holding a lot of real estate inventory—some of which is in the Steamboat area.
In order to get rid of some of the real estate inventory on their books, they are offering special financing plans for just about anyone—owner occupants, second home owners, and investors.
I’ve been in many of these properties, and they’re a bit rough. I have yet to walk through one that is move-in ready. But if you want to finance cheap and put in a bit of sweat equity, these could be a good investment.
Fannie Mae is offering 3% down for buyers who will use the home as their primary residence, 10% down for second home buyers, and 15% down for investors. You’ll need at least a 660 credit score.
There is no appraisal requirement, no mortgage insurance, no declining market restriction, and owner occupants can roll the fix up costs into the mortgage—all of which are huge.
Here is a list of the current Fannie Mae inventory in Routt County, Colorado:
|ADDRESS||Develop||Owner||Tot Sq Ft||DOM||LP||$/Tot Sq Ft|
|1375 Sparta Plaza||Walton Village Condo||Fannie Mae||565||6||$134,900||$238.76|
|23042 Schussmark Trail||Stagecoach Townhomes||Fannie Mae||1416||50||$144,900||$102.33|
|1260 Barclay Street||Craig, CO||Fannie Mae||2366||23||$179,900||$76.04|
|71 CR 20||Craig, CO||Fannie Mae||3456||6||$190,000||$54.98|
|218 E Highland||Oak Creek||Fannie Mae||2384||6||$237,900||$99.79|
|367 Vista Verde Dr.||Vista Verde, Hayden CO||Fannie Mae||1803||30||$239,900||$133.06|
|147 Oak Ridge Circle||Sierra View Subdivision,
|1945 Cornice||Rockies Condo||Fannie Mae||1016||6||$265,900||$261.71|
|27386 Brandon Cir.||Heritage Park||Fannie Mae||1302||29||$299,900||$230.34|
|2583 Apres Ski Way, Building 4||Herbage Thm Condo||Fannie Mae||1433||84||$314,500||$219.47|
|473 Mountain Vista Cir||Mountain Vista Townhome||Fannie Mae||1384||6||$325,500||$235.19|
|23460 Willow Island Trail||Meadow Green @ Stagecoach||Fannie Mae||1708||98||$344,900||$201.93|