April 15, 2024


Mad about real estate

Rent vs Own home ownership

There are two main options with HomePath: Real estate seattle financing to purchase the house in “as is” condition or “renovation” financing, in which Fannie lends additional money for “light to moderate” fix-ups, such as a roof repair or replacement of a heating and air-conditioning system.

The idea of renting to own a home is growing rapidly due to the tight lending standards and hindered credit all caused by the Great Recession. If you’re an investor or are interested in renovating a property or interested in Seattle foreclosed homes, you may qualify for financing under our HomeStyle® Renovation Real estate seattle product.

The basics on HomePath: The program is restricted to Fannie Mae foreclosure holdings. You can lease to a rent to own house that you want and by making your lease payments on time…and properly recording them…you can actually improve your credit to qualify for a home loan, possibly with zero down. That is, the company has inspected them, performed at least cosmetic repairs as needed, and determined them to be structurally sound with no code violations and all systems in working order. The contract signed is usually just a regular lease with the option to purchase the property for a set amount at a predetermined time in the future. This is a government sponsored program to stimulate the purchase of Forclosed real estate Seattle and Fannie Mae homes for sale all over the nation. The program works well for individuals in a variety of situations, including those with bad credit, individuals that have gone through bankruptcy, divorce, and just cannot meet the strict requirements of banks and lenders.

Although Fannie Mae says it owns foreclosed houses in a variety of neighborhoods, real estate seattle brokers say they are more likely to be found in lower- to moderate-price areas that took deeper hits when the housing market unraveled. However, there are other things about purchasing a Fannie Mae home you should be aware of. You want to make sure it’s the right home for you, that it’s affordable, that you work with a real estate seattle professional you trust, and that you get the financing you need. The overall consensus shows that a rent to own home can be a perfect solution.

Listings eligible for renovation financing generally require some work to be funded through add-on amounts to the mortgage that are held in escrow by the lender after closing and disbursed as repairs are completed during the succeeding six months. Some choose the option to try out a neighborhood before fully committing into buying a home and some are still undecided in their final job placement. Stop paying your landlord every month so he can own your home and gain the tax deduction advantages that come with home ownership. Participating real estate seattle brokers are listed on the same site; Fannie Mae will only entertain offers that come through those brokers, not directly from consumers. All of the money in this deposit goes towards your ownership. Buyers looking for pristine properties without defects might not find what they want on the HomePath listing board. While your monthly rent is generally a bit higher than what you would pay in a rental situation, it is likely about the same as you would pay if your were able to obtain a zero down mortgage. Rent to own real estate Seattle offer an fantastic way to reestablish credit, have pride of home ownership and build equity in the home before you even own it! When you choose a lease purchase, rent to own real estate Seattle option, you will have an upfront deposit payment, typically as low as 0.25{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4}-10{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} of the Seattle real estate total price.
In recent weeks, HomePath loans have been rolled out through real estate seattle brokers and a network of 50 real estate seattle, so it’s probably available on houses in your area. For more information, contact Lacey Lingenfelter with Skyline Properties at www.newhousematch.com she is a very expereinced real estate agent who can help guide you through the real estate process.
The full lineup of listings can be viewed state by state at HomePath.com.

Who is offering such an unusual package of come-ons like this in an era of strict underwriting requirements? It’s Fannie Mae, the mortgage investment giant that got into deep trouble when the housing bubble burst and is bleeding red ink in prodigious quantities under federal conservatorship.

Are there potential downsides to HomePath? Absolutely. What are you paying for your rental home now? If you are paying for a 3 or 4 bedroom home rental, chances are you can own real estate Seattle for about the same price per month. All major repairs for the overall house remain the owner’s responsibility until the real estate Seattle purchase is final.

Even though you will be renting to own the real estate Seattle house, most times the maintenance is the responsibility of you, the buyer. The maximum rehab amount is $30,000 or 20 percent of the projected “as completed” value of the renovated house.

Interest rates on both options are slightly higher than prevailing conventional or FHA-insured loan rates. The best part about this is that with a rent to own Seattle real estate, you get to live in the home you want to buy while you work on fixing your credit up.