Are you looking for a great deal on a Denver foreclosure? We get calls all the time from people wanting a steal on a Denver Foreclosure only to find that they can't get financing on it because it is in such bad shape or they have no chance at it because there are already 15 investor offers on it driving the price up. Now, buyers for Denver foreclosures are in luck, especially first time buyers.
Fannie Mae, a government sponsored enterprise that operates in the U.S. secondary market, has a plethora of foreclosures they need to get rid of. As an incentive to get them moved, Fannie Mae is once again offering financing specials through HomePath. Now through June 30th, 2011, Fannie Mae is paying 3.5% of buyers closing costs on all their foreclosure properties.
As an added bonus, if the property qualifies for HomePath financing, then no appraisal is required, there is no mortgage insurance which is a huge savings especially with FHA mortgage insurance going up next week, and many condo project requirements are waived. This program is available for primary residences and second homes.
Other Fannie Mae homes are part of the First Look program. This allows only owner occupied offers the first 15 days it is on the market so you don't have to compete with investor offers either. For the next three months, it will be an excellent time to buy a Fannie Mae foreclosure in Denver. It is a more complicated program, so make sure you are working with a HomePath trained lender and an agent who has worked with Fannie Mae before. For all the details on HomePath, click here.
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