| Financing Options for REO & Foreclosed Properties |
It seems like there are a lot of people out there these days getting into real estate investing because of the vast number of foreclosure / "REO" bank-owned properties on the market.
Nova Home Loans offers a wide range of financing options for foreclosed homes and REO / bank-owned properties, rather it be conventional bank financing options or
private equity / hard money financing.
New! - Fannie Mae "HomePath" Financing
We have recently began offering very attractive financing programs for many Fannie Mae bank owned foreclosed properties.
Fannie Mae is now offering what they call their "HomePath" financing program which makes it easier than ever for the average person or family to purchase a foreclosed property as either their primary home OR as an investment property.
This program offers
up to 97% financing if you purchase the home as your primary residence -
possibly up to 100% financing in combination with some of the home buyer assistance programs currently available in Pima County.
For real estate investors looking to pick up a foreclosure as an investment property, we are also offering
up to 90% financing, which up until now (since the "credit crunch") has almost been unheard of.
ADDITIONALLY, as if that isn't enough, both
mortgage insurance (typically for buyers purchasing properties with less than 20% down) and a
property appraisal (usually $300-$400 dollars)
ARE NOT REQUIRED when purchasing one of these properties.
It should be noted however that these special REO financing conditions are ONLY available on Fannie Mae "HomePath" registered REO / foreclosure properties. As of February 9th, 2009 though, there are currently 163 foreclosed properties just in the Tucson area that would qualify for Fannie Mae HomePath financing.
For a current list of available properties, go to: http://reosearch.fanniemae.com/reosearch/
To find out more or to get pre-qualified TODAY, please feel free to give me a call today at (520) 358-9382!
Contact Us today with your lending scenario, executive summary, and/or financing package to get started.