Category Archives: REO

MN REO Foreclosures

The current residential shadow inventory as of July 2011 declined slightly to 1.6 million units, representing a supply of 5 months, CoreLogic reported today. This is down from 1.9 million units, a supply of 6 months, from a year ago, and follows a decline from April 2011 when shadow inventory stood at 1.7 million units. The moderate decline in shadow inventory is being driven by a pace of new delinquencies that is slower than the disposition pace of distressed assets.
Highlights from the report:
Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent, 430,000 are in some stage of foreclosure, and 390,000 are already in REO.
As of July 2011 the shadow inventory is 22 percent lower than the peak in January 2010 at 2 million units, 8.4-months supply.

Foreclosure Rehab Program Do Not Have To Be A MN First Time Home Buyer

The Homeownership Opportunity Program (HOP) provides short-term, temporary financing for the purchase and rehabilitation of vacant properties in, or in imminent danger of foreclosure, and for properties in a foreclosure impacted area. HOP loans are paid off by standard first mortgage products when the rehabilitation is completed.

Borrower Eligibility
To qualify, borrowers must:
Intend to owner-occupy the property;
Meet income limits (total income less than $96,500 – adjusted annually);
Be pre-approved for a standard first mortgage with a loan amount sufficient to pay off the HOP loan when the work is completed.

Property Requirements
Cannot be in industry standard mortgage condition, and;
Must be a single family detached, zero-lot-line townhome, owner-occupied duplex, manufactured home on permanent foundation, and be;
– Vacant as a result of foreclosure, or
– In imminent danger of foreclosure with a negotiated short-sale, or
– Located in a foreclosure impacted area

MN HomePath mortgage 3% Down No Mortgage Insurance

Clients now are able to access Fannie Mae’s extensive REO portfolio with streamlined, online access to HomePath Mortgage financing. HomePath Mortgage provides special financing terms exclusively for Fannie Mae real-estate-owned properties and can deliver distinct advantages in a down market:

Search for homes here www.homepath.com

Fannie Mae to pay 3.5% in closing costs through June 30, 2011

Low down payment and flexible mortgage terms

Available for Owner-Occupied, Second and Investment Properties

Down payments as low as 3%

No appraisal fees No Mortgage Insurance required