FINALLY HERE!! INVESTOR FHA REO PURCHASES with FHA FINANCING

This is great news - someone has come forward with some money for the investor. Call Eric for the details and to get pre-qualified.

Hi All,

Unbelievable, but true, FHA has a program for investors.

One of my lenders, MetLife, is now promoting it.

The 203b program has been around for awhile

It is just most lenders don’t promote it.

I have included some information on the program, so

Please forward this to your base of clients.

Buyers need to have an approved contract with Pemco/ HUD, to submit a deal

They are looking for seasoned investors;

However, any newbie needs a strong financial profile

Credit, assets, income, etc.

Also, this is NOT a rehab loan, just a purchase loan

Subject to FHA inspection, Minor cosmetic allowable up to 110% of purchase price



I will be available to assist you and your clients

Thank you,

Eric Reque

Mortgage Manager

Lenox Financial

E: ereque@lenoxnational.com

P: 404-601-0620

F: 678-623-8252



MetLife Home Loans

a division of MetLife Bank N.A.

INVESTOR FHA REO PURCHASES with FHA FINANCING

FHA Program

• 203b REO with Repair Escrow up to 110%LTV/ or 203b REO w/no Repair Escrow to 96.5%

• Investor purchases allowed based on acceptable approved Pemco contract


Requirements

• Investor must hold title to property for 12 months after purchase

• Minimum Fico score is 640/Minimum Investment 3.5%

• Qualifying restrictions apply

Full Documentation, Assets and 2 years tax returns


Target Audience – Investor who:

• Possibly owns more financed properties than currently allowed by Fannie and Freddie

• Wants a low interest rate, typically 5.5-6.0%

Understands how to leverage money/Seeks minimal cash investment

• Is competent and an established real estate investor

Benefits

• Investor can purchase FHA REO HUD owned foreclosures marketed by HUD PEMCO with FHA financing

• Investor’s min cash investment is 3.5%*

• No restrictions on the number of current financed properties owned

• The investor can include the cost of required repairs in the maximum mortgage amount up to 110%LTV

Terms Available

• 30 Year / 15 Year

Pricing

• No additional charge for FHA REO financing

• No additional charge for INVESTMENT PROPERTY

Exposure Limitations

• MetLife’s maximum exposure to one borrower is 3 loans to one individual – a 4th maybe available on exception basis. (Additional FHA restrictions could apply. If your client is interested in more than one loan, please discuss with me first.