GSEs Report Foreclosure Increase

Reblogger
Real Estate Agent

Fannie Mae is my favorite seller these days. These homes are sold "as is" just like short sales or other bank owned homes and a home inspection is recommened. Fannie Mae will contribute to the buyers closing costs and usually close in 50 days.

Original content by Cari Anderson

In a recent article released by DSNews.com, Fannie and Freddie are starting to initiate foreclosures at a quicker pace. Between the months of May and June GSE-initiated foreclosures rose 21 percent.

Foreclosure

This is said to be due mostly to HAMP program cancellations from initial trial plans. Most of these loans were already more than six months delinquent when their HAMP modification began. In fact, more HAMP modifications have been cancelled than have achieved permanent status.

With the swell of GSE foreclosures in the near future, we can expect to see a greater number of Fannie Mae owned homes placed in the company's HomePath program.HomePath

 HomePath homes are homes owned by Fannie Mae which they hope to make exceedingly attractive to buyers. Fannie offers special HomePath loans as a financing option. This is a unique and aggressive loan program. Here are just some of the features:

  • Up to 97% LTV for primary residences
  • Up to 90% LTV for investment and 2nd homes
  • No prepayment penalty
  • No appraisal
  • No PMI
  • No declining market policy  
  • 3% of down payment may come from a gift, grant or non-profit loan
  • Special Home Path Protection home warranty
  • Competitive credit guidelines

Give me a call today for more information about HomePath loans.

                         Cari Anderson Tri Valley Mortgage Expert

Diversified Mortgage Group

  CariAndDoug Twitter CariAndDougRSS  CariAndDougStumble  CariAndDougDelicious   CariAndDougLinkedIn

Cari's Website     Tri Valley Mortgage News     East Bay Mortgage News       

925.964.1213 Direct // 925.570.0613 Mobile 

Cari CA Real Estate Broker License 01220718...NMLS License ID 234849

Comments (1)

Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Tammy,

We have to wtch these big players as they will dominate the market for the forseeable future

Jul 30, 2010 08:17 AM