On November 5, 2009, Fannie Mae introduced a new program designed to minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes, and the effect these have on families, communities and home price stabilization.
Called "Deed-for-Lease" (D4L) allows qualifying borrowers of properties transferred through deed-in-lieu (DIL) of foreclosure to remain in their home and community by executing a lease of up to 12 months in conjunction with a DIL. Investment properties that are tenant-occupied may also be considered as long as the borrower is cooperative in providing information from the tenant to facilitate the D4L.
For more information on the Deed-For-Lease Program, please visit www.efanniemae.com
11/17 I received an email from Chris Thorman at Software Advice and Chris put together some great information comparing mortgage rates v. rental rates in the top 10 metro areas to see if it even makes sense, read more here