Fannie Mae REO Properties

Fannie Mae REO Properties now has a special Financing Program designed to clear its inventories.   

• No Appraisal Required,
• No Mandatory Mortgage Insurance or Funding Fee with exceptions,
• Finance Up to 97% Loan to Value,
• Owner Occupied as well as Investors are Welcome,
• Financing for both purchases and light renovation features are available,
• Purchases Qualify for First Time Buyer Credits, and
• Automatic Selling Concessions to assist buyer with costs. 

To see if a property qualifies, go to: http://www.homepath.com.  Select "Tennessee", and your county, and click "Search".  There are a limited number of properties that qualify. 

Maybe one of these homes is just what you’re looking for. However, both the homes and the buyers must qualify through FannieMae's computer underwriting system.  The underwriting standards are just a little tighter than similar loan programs. Also, Uncle Sam's $8,000.00 gift to renters continues to be an incentive to buy a house.  Most buyers don’t believe they will actually get the gift.  IRS Form outlines the details.  Call your local H&R Block office or your tax preparer to confirm the gift applies to you. The $8,000 gift to renters program is scheduled to expire for homes closed on or after December 1, 2009 but there are rumors that Congress might extend!