Deed For Lease

Would you like to remain in your Tampa Bay home without retaining ownership? You might have read about a new program called Deed-for-Lease™. Fannie Mae created this program as an option for homeowners who are in distress but not eligible for a mortgage modification.

The Deed-for-Lease program allows qualifying homeowners have the option to remain in their homes as renters after voluntarily transferring the property deed back to the lender.

The homeowners must prove they are able to afford market rent, and then sign a lease with the lender. A Deed-for-Lease provides an additional option for borrowers who do not qualify for, or have not been able to sustain other loan-workout solutions. While this program is unique to Fannie Mae loans, be sure to discover what options your lender offers to homeowners who do not qualify for loan modifications but wish to stay in their homes.

Following are a few of the homeowner qualifications for this program:

  • The property is to be used as the occupant’s primary residence
  • The occupant’s income is sufficient to cover rental payments
  • Inspection shows that the property has been kept in good condition
  • The occupant agrees to be responsible for regular maintenance
  • The number of occupants is appropriate for the home
  • The occupants signing the lease must agree to a credit review
  • See http://www.efanniemae.com

As Certified Distressed Property Experts, Annette, Doug and Dale Bohannon have been trained to present all the options and assist homeowners in these difficult situations. Contact the Bohannons at Coldwell Banker Residential Real Estate in Tampa, Florida today.