Fannie Mae to Rent Foreclosed Homes

March 2, 2010

Thousands of borrowers on the brink of foreclosure will soon have the option of renting their homes from Fannie Mae under a new program announced in early November.

Under the new “Deeds for Leases” program, Fannie Mae will allow borrowers facing foreclosure to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that, as part of the latest effort to help troubled borrowers while keeping a glut of foreclosed properties from hitting the housing market.

But the new government-sponsored program is unlikely to help many distressed homeowners. In the first half of the year, Fannie Mae repossessed 57,000 properties, compared to only 1,200 properties that were leased back to owners.

Fannie Mae has hired an outside management company to administer the program. To qualify, borrowers have to live in the home as their primary residence and prove they can afford the monthly rent. The rent cannot be more than 31 percent of their pretax income.

Source: The Associated Press

Filed Under: Articles · Tags: , ,


3 Responses to “Fannie Mae to Rent Foreclosed Homes”

  1. marcio on February 27th, 2011 2:44 pm

    we interest to rent or byer a house in pompano or deerfild beach, so we live in nashua nh and we moving to florida in september.

  2. Chris O'Connor on February 27th, 2011 5:02 pm

    You’ll need to find another Realtor on the other coast. Pompano is not in my area.

  3. Travus Olson on May 16th, 2011 10:21 am

    We have sold our house in Missouri and will be moving to Tampa June 1, 2011. We would love to buy a house immediately and have been looking at the options, but we realize that renting may be a good option while we look. We are going to be working in the Riverview area? I have tried to get in touch with a realtor down there but have never gotten a call back. We really needed to start this process months ago. Can you help?

Got something to say?

You must be logged in to post a comment.