Fannie Mae-Lease Back

Fannie Mae will allow homeowners lease back their homes and stay in them for a year or more.

The "DEED for Lease" Program will let borrowers transfer their homes to Fannie Mae in exchange for a lease. The borrowers will be expected to pay market rents, which will be lower than the current mortgage in most cases. These borrowers will be the ones who don't qualify for loan modification and wish to remain in the home.

Borrowers will have to provide decline of loan modification, proof they can afford to pay the rent, and willing and able to move out when lease is not renewed.

This will definitely help stabilize the housing market!
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