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In its Bulletin, Freddie Mac also revised the COVID-19 payment deferral, which Fannie Mae similarly revised in Lender Letter 2021-07. Borrowers with a mortgage backed by the GSEs may be eligible for an additional forbearance extension of up to three months however, eligibility is limited to, among other requirements, borrowers who are on an active COVID-19 forbearance plan as of February 28, 2021. The GSEs also updated the requirements and flexibilities related to forbearance plans for borrowers impacted by COVID-19. Details of Freddie Mac REO Rent Initiative Program and the Fannie Mae Deed-for-Lease Program By allowing homeowners to stay in their homes and by extending leases to those borrowers (in addition to tenants), Freddie Mac’s REO Rental Initiative plan should go further toward easing the impact of foreclosures on homeowners and also the community. This restriction does not apply to mortgages on property deemed vacant or abandoned. Our team members and contractors follow the industry-standard requirements of HUD, FREDDIE MAC, FANNIE MAE, FHA, AND VA guidelines to complete the requirements on each work order in a. Fannie Mae updated Lender Letter 2021-02 and Freddie Mac issued Bulletin 2021-6, both of which require servicers to suspend all foreclosure actions, including foreclosure sales, initiation of any judicial or non-judicial foreclosure process, and move for foreclosure judgment or order of sale. A property preservation company that performs all aspects of property preservation Reo Rehab, foreclosure, and property preservation repairs and maintenance. Contact me about buying a home in Colorado Springs at 71.įor further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.Fannie Mae and Freddie Mac (the GSEs) recently extended the moratoriums on single-family foreclosures through March 31, 2021. Purchasing a Fannie Mae or Freddie Mac foreclosure may be more advantageous to buyers who want to find a bargain on a foreclosure property that does not need a ton of work. Alternatively, investors may qualify for Fannie Mae’s HomeStyle Renovation Mortgage. To view a list of available lenders in Colorado that offer HomePath Renovation Mortgage Financing, click here. Additionally, owner occupants can qualify for a HomePath Renovation Mortgage in order to renovate a Fannie Mae home (participating in HomePath). good repair Borrower's obligation to maintain condition of mortgaged property. Through HomePath financing, buyers do not have to pay for an appraisal or mortgage insurance. Freddie Mac See Federal Home Loan Mortgage Corporation. Owner occupants and investors can choose to go through HomePath for financing a FannieMae property with a low down payment. The closing costs incentive only applies to individuals who will be occupying the home as their primary residence. For loans backed by HUD/FHA, USDA, VA, Fannie Mae, and Freddie Mac, you can request an initial forbearance through September 30, 2021.

Buyers are also eligible for 3.5% in closing costs if they close on or before Septem(owner occupants only).įannie Mae also brings homes back to good condition with repairs, paint, change of carpet, etc… Through the HomePath program, Fannie Mae is offering buyers up to 3.5% to use toward closing costs (transactions must close prior to June 30, 2011).

The homes also come with a 2-year Home Warranty and a discount on appliances if needed (this benefit is not available to investors who purchase a Freddie Mac home as an investment property or rental). Through Homesteps, Freddie Mac ensures their foreclosed properties are clean and safe which often requires making repairs, painting, adding appliances, or changing flooring before putting the property on the market for sale. Investors still have to wait 15 days before submitting an offer, but these types of foreclosures may be a good option for investors if the property is not snagged up within the 15-day window. The following mortgages are eligible for a modification under the Home Affordable Modification program (HAMP): First-lien mortgages owned, guaranteed, or securitized by Freddie Mac that are single-family 1- to 4- unit primary residences, including condos, cooperatives, Single-Family Seller/Servicer Guide (Guide) eligible manufactured homes, and our negotiated conforming jumbo mortgages. Buyers who intend to occupy a home as their principal residence, have an advantage over investors when it comes to purchasing a Fannie Mae or Freddie Mac foreclosure property. The people that write the rules for mortgage loans, Fannie Mae, Freddie Mac, FHA, and VA, all say that any seller credits can only be.