Lenders, Fannie Mae, All Cash Offers
2013 – The majority of real estate buyers looking to buy a
foreclosure in Florida need to offer all cash.
If you don’t have cash, or you’re looking for financing, you chances in
the foreclosure market is diminished.
Lenders are usually narrowing the offers they consider to the all-cash
buyers, who will be told to make their highest and best offer.
Real Estate buyers still can still get in on opportunities to purchase
distressed and foreclosure properties. Fannie Mae, offers financing with
low down payments and no mortgage insurance requirement on select Fannie
Mae-owned homes under its HomePath mortgage program.
On some of Fannie Mae’s foreclosed properties, Fannie Mae is putting
them back on the market and offering up to 97 percent financing.
Another option, Fannie’s HomePath mortgage renovation program, even
provides funds to fix up rundown foreclosures.
June 28, 2013 - In about two years, monthly payments are set to rise on
many home equity loans that were made before the financial crisis. Most
of these home equity lines of credit were originated between 2005 and
2007, when credit-underwriting standards were dismal. With home equity
loans, borrowers usually only pay the interest for 10 years before
they’re required to make larger payments of both interest and principal.
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