I am not sure if you have heard this recently or not, but FAnnie MAe has decided to start a program called "First Look" It bascially allows owner occupants first dibs on Fannie's foreclosures. They have 15 days to bid on these and then it is open to anyone. It is 5 days longer that FHA's 10 day waiting period.
Fannie Mae typically pays between 3 percent and 6 percent of a buyer's closing costs, regardless of how the property is financed.
They are offering more financing options than in the past for these homes. Buyers may choose any title company, if they finance through Fannie Mae. The HomePath Renovation Mortgage allows buyers to borrow an additional 20 percent of the "as repaired" property value, up to $30,000. The "as repaired" value is the appraised value based on the completion of specified renovations, such as new appliances, cabinets or flooring.
So there are some pluses and some minuses. All in All knowledge is power.
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