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NOV
17
More Details On New Fannie Mae Program: Owners Who Can’t Get Loan Modification Can Now Rent
By John Askins



A new Fannie Mae "Deed For Lease" program has been set in motion to keep homeowners out of foreclosure. Homeowners who can’t get a loan modification may be eligible to transfer ownership to Fannie Mae and rent their home at market rates.

Homeowners must sign their deed over to the lender and be released from any second mortgages. The rental rate can be no more than 31 percent of their gross income.

Leases can be up to 12 months long, and borrowers can extend them month-to-month after that.

The program is designed to keep families in their homes and cut criminal defacement of vacant homes.

For more information, click here.

source:  Fannie Mae, Bloomberg News

Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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John Askins

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Welcome to Royce Realty, your source for Houston and Texas real estate. If you own property that you are thinking of selling I would be happy to provide you with a FREE Home Evaluation. If you are buyer, in this competitive real estate market, timing is everything. Many good homes are sold before...
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