There’s a Fannie Mae owned townhome in Port Hueneme that’s a screaming deal – and I don’t have a buyer for it. It’s a two story, almost 1,600 sq. foot 3+2 with a 2 car garage, all new carpeting and paint for $210,000. It’s with seller financing of 3% down, NO mortgage insurance and Fannie Mae pays the closing costs – sweet!. A buyer would need to come in with just $6,300 cash. So – why is buying this home cheaper than renting? Here are the numbers.

The mortgage payments on $203,700 would be about $1125 a month (at 5.25%); property taxes about $190 a month; and the HOA is about $270 a month for a total of about $1,585 a month. Renting a comparable sized home could be $1,800 a month or more!

Not only can a homeowner buy this home with seller financing, but Fannie Mae is also willing to provide financing to an investor with only 10% down.

THAT’s why I’m frustrated that I don’t have a buyer for this home!!