What a great option Fannie Mae is now offering homeowners who are heading toward foreclosure. The Deed for Lease program which was just released yesterday will allow the the homeowner to lease back their home for market rate for up to 12 months after Fannie Mae forecloses on the property. It will be interesting to see how this will affect the current market, and how many homeowners will actually be able to qualify under the new guidelines. With so many of our California homeowners having second mortgages, it may be difficult to qualify, but still, a lot of second mortgage holders are agreeing to minimal payoffs which may allow homeowners to qualify. We will be able to know more about the program as it starts to hit the market with actual cases.. Wait and see..
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A New Dawn Real Estate Services, LLC - Manitowoc, WI
Short Sale Assistant
Century 21 Award - Chula Vista, CA
- Contracts must be signed by or on April 30, 2010, and deals must be closed by or one May 31, 2010.
- Existing home buyers must have owned their current house for at least five years.
- Single taxpayers with an adjusted gross income under $125,000 and joint filers with an income of up to $225,000 are eligible for the full credit. Individuals with an income of up to $145,000 or couples with an income of up to $245,000 can receive partial credit.
- Homes worth $800,000 or less are eligible.
- The home must be the buyer's primary residence. It does not apply to second homes or investment properties.
- Members of the military serving outside the United States for more than 90 days will have until June 30, 2011, to qualify for the incentive.
Here are the guidelines that I was provided, hope that helps.
Nov 06, 2009 11:46 AM
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