Friday, November 6, 2009

Fannie Mae offers Deed for Lease program

Here is another option to allow you to feel secure about choosing to purchase a home.  Announced yesterday, Thursday, November 5, Fannie Mae will now let you rent your home should you not qualify for a loan modification or face eviction or foreclosure. 

The process is the same as an existing program known as a deed-in-lieu of foreclosure; but the revitalized program called "Deed for Lease" asks borrowers to qualify under the current guidelines and if they can show that their income will pay a market rent, they will be able to sign a lease for up to 12 months. The program does affect your credit score, but it is less damaging than foreclosure.  Read more about the program here. 

Often we wait and wait afraid of the inevitable and while we wait, prices go up and our situation never really changes because of the increase in cost of living.  We hope the inevitable never happens, but programs such as Deed for Lease can ease the pressure if it does.  You can consider making a home purchase today with that extra layer of security. 

I am not promoting that you take unnecessary risks with your credit, livelihood or family's quality of life, but this option allowed by Fannie Mae may take some of the worry from your mind so that you can move forward, onward and upward.  Want to talk about it?  Please give me a call at 609-658-2612. ~ Joe Giancarli, http://www.njhomesource.net/

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