Yes it is Still a Fantastic Time To Buy Real Estate…With Bank Owned Properties hitting the pavement at a very fast pace, those buyers with 660 credit scores and above can really take advantage of this buyer’s market. Estate Homes and Land, Inc. is working directly with the banks to obtain their properties for quick resale for the savvy buyer/investor that is looking for a real bargain and doesn’t mind putting in a little elbow grease!
And even the Loans that are becoming available are working to your advantage as well. Clients who are wanting to take advantage of lower loan rates should ask their loan officers about the new loans “the jumbo light” that will cover up to $729,750!
*So what will borrowers have to bring to the table? the smallest down payment on the fixed-rate loans will be 10 percent – and you’ll need a FICO score of 700 to put down anything less than 20 percent. Fannie is not interested in buying any jumbo lights made to borrowers with FICO scores of less than 660. Full documentation, FICO score, and a maximum debt-to-income ratio of 45 percent are required. Fannie Mae and Freddie Mac have been authorized to back in high-cost markets until the end of the year, which is a really positive sign for the entire real estate market. (*Inman News website)
Fannie Mae will start buying the new “jumbo light” loans of up to $729,750 from lenders on April 1. Loans originated after March 1 are eligible for delivery to Fannie.
This is a real positive… so the Good word is Ask, Look, and Buy to Your Pocket! We will be most happy to guide you in this process…we specialize in locating REO Property, Bank Owned Property that only the Experienced Investors Can Find! Don’t Know Your Exit Strategy? We’ve Got Your OPTIONS!
