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.
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