As we now know, Fannie and Freddie are now controlled completely by the Federal Government. They are experincing forclosure rates @ 1 every 90 seconds as of 6/23/10. What this means is that WE, the people, have a vested intrest in both Fannie and Freddie via our Tax dollars.
My question-- how can the "poor family" benefit from this situation?? Is there any loop holes to purchase the forclosed properties, which WE, the people, now have a vested intrest in the Federally owned Fannie and Freddie. Can anyone give HONEST advice for possibilities in achieving home ownership through this unfortunate situation?
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
16y
I'm not sure what you mean by "poor families," but if you're talking about families that can't afford a mortgage payment or don't have good enough credit to qualify for a mortgage, I'm not sure they can benefit.
Not to be insensitive, but it's those families that couldn't afford to buy a house, but tried to anyway, that are responsible for much of these foreclosures you're referring to.
My best advice for achieving home ownership is the same as it would have been before this mess -- bring your credit score up to at least 700, save a downpayment, and ensure your monthly income is more than enough to cover your mortgage and other expenses.
Anyone who does this can certainly reap the benefits of this current situation...