17.03.2016

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The Five Star Institute, a mortgage industry group based in Dallas, Texas, announced a partnership with Fannie Mae to educate real estate agents on Fannie Mae’s Short Sale Assistance Desk (SSAD).
Fannie Mae’s SSAD helps expedite the process by allowing real estate agents to reach out to Fannie Mae directly for short sale approval of first-lien, Fannie Mae-backed loans. The SSAD simplifies complex, post-offer issues that arise in regards to servicer responsiveness, second liens, and mortgage insurance. After receiving forms through MLS, Fannie Mae reviews each case and coordinates with servicers to complete short sales when possible. With 107,953 short sales last year, short sales continue in significant numbers this year – 35,406 as of April, according to the Federal Housing Finance Agency.
The Five Star Institute provides education and networking opportunities to real estate professionals through educational courses and its annual Five Star Conference and Expo, attended by more than 5,000 agents, brokers, and servicers each year. Fannie Mae and Freddie Mac have been in the news quite a bit over the last year, so it’s a good time to do a refresher on who they are and what role they play in the Thomasville real estate market. In 2008, due to mismanagement resulting in billions of dollars of losses, Fannie and Freddie were taken over by the government. The image of your dream home has a permanent spot in your mind, but so do your financial struggles. By working with Fannie Mae, you have the opportunity to access a variety of foreclosed or short sale homes.
Working with a budget might make you feel as though no house is available that matches up with what you desire. For over a decade, Natalie Cooper has been writing informative content on a variety of topics. Nationally Recognized Home Renovation Financing Expert, Educator And SpeakerSkip Schenker is an industry expert in FHA 203(k) lending. Enter your email address to subscribe to this blog and receive notifications of new posts by email. A consortium of industry professionals commmitted to the revitalization of our nation’s housing stock and creating sustainable homeownership.
The FNMA (Federal National Mortgage Association) was founded during the Great Depression to stimulate the real estate market.
Fannie Mae's mission is to provide liquidity, stability and affordability to the housing market.
FNMA’s participation in the housing industry has grown to the point where it owns over half the mortgages in the United States, which equates to more than half a trillion dollars in loan value. As a secondary supporter of a large volume of home loans, FNMA also experiences a relatively high share of loan defaults.
As with most government foreclosure homes, FNMA-owned properties are comparably cheap homes for sale.
FNMA relies on a BPO (broker pricing assessment) to determine the asking price on a foreclosed property. These government foreclosure homes can be bought with a minimal down payment, potentially as little as 3% down. To encourage quick sales, Fannie Mae foreclosures may be sold through buyer incentive programs. If you’d like to review the qualifying guidelines, and get a feel for what it will take to qualify to purchase up to 1,000 homes for your rental portfolio, you can do that here. Cities such as Atlanta, GA are expected to be among the first to be targeted for these bulk sales, because of the high number of available GSE owned properties there. It is highly likely that the investors who would be interested in bidding on such a large pool of properties will be companies such as investment trusts, perhaps a builder, a bank, or a corporation with ample infrastructure to support such a purchase. It is also possible that this program could see few takers, since the scale is so large, and such a project will be a challenge for virtually any entity to undertake. Small real estate investors in those areas where these sales will take place, should keep abreast of these sales as they develop, as this type of program could force existing landlords to lower their rental rates as well. On the other hand, depending on how the rules of this game play out, what we could see is a new wave of investor home sales, where these large purchasers of the bulk pools turn around and resell most or all of these properties to smaller investors for around 40 to 50 cents on the dollar.


It will take a while to see how this all comes down, but if you are involved in real estate investing, property management or property renovation, you could be seeing some interesting opportunities coming in the near future. Your Guide to a Smooth-Running Construction ProjectNovember 19, 2015 By Guest Author What factors affect people’s decisions to move home?Overwhelmed with Buying a House? The Fannie Mae Short Sale Assistance Desk helps real estate professionals resolve any issues that they may encounter during the review and approval process,” said Marcel Bryar, Vice President of Fannie Mae. They buy mortgages from lenders, so the lenders can use the money to issue new home mortgages.
If your mortgage is owned by Fannie Mae or Freddie Mac, you may be able to refinance your loan and take advantage of lower interest rates. Freddie, Fannie and the Federal Housing Administration together now guarantee about 90 percent of all new mortgages, far above their historic level. The House Republicans and the Obama administration agree that the pair should be done away with.
Whether you are paying back debt that you built up years ago or you are just hoping to stick to a strict budget when purchasing your home, you have different mortgage options available to help you accomplish your goals. These homes are generally significantly lower in price than other comparable homes on the market. For example, you may have poor credit scores that preclude you from receiving approval through traditional channels. For example, let’s say that you find a beautiful house on the market, but it does not have a dining room.
Yet when you make the right decisions, you can find a house that is more perfect than you had ever possibly imagined.
She is a contributing writer to this and other blogs and also writes email newsletter articles, press releases and web content. He has completed hundreds of 203(k)s as a Loan Officer and published numerous articles on the subject . At any given time, FNMA may hold – rights on more delinquent mortgages than any individual direct lender. Part of the process FNMA follows to sell a home consists of determining if these government foreclosure homes will be sold as-is (for a lower price) or if FNMA will investment to improve the property prior to listing, in order to increase  the initial asking price. Loans are made through select lenders and a pre-qualification letter is required when submitting offers on government foreclosure listings. These programs may support loans with very low fees, very lenient terms for qualification and  very low rates. Once you qualify, you’ll be eligible to receive notice of when and where such bulk sales will take place and presumably, instructions on how to bid for a pool. Pools of properties may number 500 to 1000 initially, and could be all in one local market, or spread out over a larger geographical area.
Even individuals may apply for the program, as long as they can show a net worth of $1,000,000 or more.
However, it is likely that these properties will be sold for something like 20 cents on the dollar as compared to their original value, so I am sure there will be a lot of interest in the investing community. For some existing landlords, having to lower rental rates to compete for tenants, could wipe out or reduce their positive cash flow.
I am a property manager for Watson Realty, Do you know who I should contact to offer our services to these bulk purchasers of property.
They were originally created to raise homeownership levels and increase the availability of affordable housing.
Some of them will need extensive repairs done, and others will be in desperate need of a cleaning. Instead of saying that you will only purchase a house that fulfills all of your requirements, start to cut back a bit on what you define as your dream home. However, it does contain an extra bedroom on the first floor that you would not need for sleeping quarters.
Prior to her writing career, Natalie worked in various fields including real estate, equipment leasing and banking.


In addition, Fannie Mae foreclosures may not require an appraisal or PMI (private mortgage insurance). Government has been kicking around the idea of making bulk sales of foreclosed properties owned by Fannie Mae and Freddie Mac.
Having such a large number of rental properties added to a local housing market, even in a city as large as Atlanta, could have significant repercussions on rental rates, by driving them down. But getting 500 to 1,000 properties ready to rent and putting them back into service is no simple task. We have offices throughout Central and Northern Florida and the staff of professionals that can handle this scale of property managment.
Congress must agree on a plan, which could take years, and then the market’s dependence on the companies and the financial backing they provide must be reduced. Let the professionals know what your financial struggles are so that they can begin moving you in the right direction as soon as possible. The house may also have an excellent price tag attached to it because buyers are turned away by its lack of dining room. This means FNMA works with mortgage brokers, bankers and other primary mortgage partners to ensure they have sufficient funds and financial backing to lend to home buyers. These cheap homes for sale are usually sold through realtors, through a listing broker, or through an asset manager who works with a listing broker on FNMA's behalf.
The idea is to sell large pools of homes to qualified investors who will be required to put them back into service as rental properties.
And the requirement to rent instead of sell means that realizing a profit on such a large purchase could take quite some time. Keep in mind that purchasing these homes can prove more difficult than buying traditional homes. By working with programs that are geared toward your financial difficulties, you can have a higher chance of getting the home that you want. If you are on a strict budget, a brand new kitchen with new appliances should not be on the need list. The Fannie Mae Homepath Renovation Loan is a conventional renovation loan option available only on Fannie Mae owned properties.
Beginning this month, The Federal Housing Finance Agency has announced that the pre-qualifying process for interested investors has begun. If you know the location of some of the properties being auctioned off in your area, try checking the property records at the local courthouse and see if you can identify the new owners by checking the deed records. You cannot change the location, but you could alter the layout later if your financial state changes. Instead, you can take the door off of the extra bedroom and turn that space into a dining room. I’m planning to do a follow up article on this in the near future and see what, if any info has been made public about these sales. When you are willing to approach houses with a creative mind, you can take virtually anything and turn it into your dream living space. If the deed records are computerized, it may not be too difficult to find a single owner on the title of two or three hundred properties, or more. With the Fannie Mae Homepath Renovation loans there are significant pricing adjustments the greater your LTV is.A pricing adjustment is a fee based upon risk. Lower credit scores, higher LTV’s, property type and occupancy type are all factors that influence the pricing adjustments.
These pricing adjustments are reflected as points that will be charged at closing.This program is one of the few that allows investors to purchase run down homes and rehab them.
And be sure to take the before and after pictures!Scott StoraceIf you like this post please share it!



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