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FANNIE MAE FORECLOSURES DYER IN FULL
The full lineup of listings can be viewed state by state at Participating real estate brokers are listed on the same site Fannie Mae will only entertain offers that come through those brokers, not directly from consumers. The basics on HomePath: The program is restricted to Fannie Mae foreclosure holdings. In recent weeks,HomePath loans have been rolled out through mortgage brokers and a network of 50 lenders, so it’s probably available on houses in your area. It needs to sell those houses, is willing to finance their transfer to new owners, and has come up with a program it calls “HomePath” to do so. It’s Fannie Mae, the mortgage investment giant that got into deep trouble when the housing bubble burst and is now bleeding red ink in prodigious quantities under federal conservatorship.Īs a result of its past problems, Fannie is saddled with a bulging portfolio of tens of thousands of foreclosed homes. Who is offering such an unusual package of come-ons like this in an era of stringent underwriting requirements? Maximum loan amounts tied to standard conventional loan limits: $729,750 in the highest cost markets, $625,500 in others, and $417,000 everywhere else. No requirement for mortgage insurance coverage, despite your high loan-to-value ratio at purchase.Ĭredit score minimum of 660 – significantly lower than the 700-plus scores many lenders now demand for conventional loans on favorable terms. Generous “seller contribution” limits of up to 6 percent of the price, effectively reducing the cash you’ll need to pay closing costs. This is crucial because lowball appraisals can be deal-killers, especially when the house needs cosmetic or other repairs. No requirement for an appraisal on the property unless you’re applying for additional money to renovate the house. Most of your down payment can come from documented gifts from relatives or others with no direct connection to the transaction. Minimal down payments – 3 percent for buyers who plan to live in the house, 10 percent for investors. * (2) New foreclosure homes in Dyersburg,Tn.A little-publicized national lending program could be just what you need this fall – if you’re a buyer with little cash on hand or a small investor looking for deals on foreclosed homes. One more price reduction on either and the Realtors will be jumping all over them to buy and flip!Ĭopyright © 2008 By Mike Frazier, All Rights Reserved. The courthouse value on this home is $160,100 and in my opinion they are not far off! This home on about one acre is priced at only $129,000(fantastic).This home is out in the country about 7-8 miles from Wal-mart.Ĭall me rather quickly if either of these homes interest you because these should sell fast. Included is a 2 car garage, fireplace, 2512'+/- heated area, a beautiful chef's kitchen, living room, dining room and a large wood deck. This 3 bedroom 2.5 bath home was built in 2003.
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This second Dyersburg area foreclosure (picture directly above) is located at 1598 Fort Hudson Road. As I mentioned in my earlier article, this is a great area where I encourage my church members to buy in and I would recommend any of my family members to buy here! I knew the contractor on this house and he did a pretty good job with his construction techniques(I am former contractor). This home has 3 bedrooms 2 full baths, 2 car garage, 1353' (heated and cooled area) and was built in 2005. This home in my opinion is worth over $100,000 but is priced at just $89,900. I wrote an article on-line about this great area.
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This first Dyersburg foreclosure property is located in Dyersburg(up above) at 819 Blake Cove in the Castleton Estates Subdivision. What is good for you the consumer is that these Realtors do not really know what these properties are really worth and do not do a very good job marketing these properties.I want to discuss two fantastic buys in foreclosures here in the Dyersburg Area. These Realtors are located in Jackson, Ripley and Trenton(30 or more miles away from Dyersburg). Many of the foreclosures coming up in Dyersburg are not only assigned to Dyersburg Realtors(including myself) but the Fannie Mae backed mortgages and VA backed mortgages that default are given to out of town Realtors to market.