Fannie Mae Properties Frequently Asked Questions (FAQ)

Below are a few frequently asked questions. Feel free to ask a question and we will respond.

  1. Who can buy a Fannie Mae Owned Home?   The purchase of Fannie Mae Owned Properties are open to owner occupants and investors.
  2. Can I get a home inspection?   The overall answer is yes, however, you must coordinate the inspection with the listing agent.
  3. Is there financing available on all properties?   Financing is based on an individual basis. Contact the listing agent to get the financing options.
  4. What does as is mean?   As is means “what you see is what you get”, “as is where is”. The seller is not warranting the condition. This if further addressed in the Fannie Mae Addendum.
  5. Can I get a rehab loan from an outside source?   Yes, you can use a rehab loan and in some cases a construction loan.
  6. What happens when there is more than one offer on a property?   When multiple offers are received, you will receive a multiple offer form that states the date and time that you must submit your highest and best offer. The listing agent will present all offers and Fannie Mae will make the decision as to which offer they will accept.
  7. Can I buy a Fannie Mae Property if I have to sell my home first?   All offers are consider, however, you are in a better situation if your home is under agreement and you have a projected settlment date. The best thing to do is to present your offer to the listing agent.
  8.  Can I use my Veteran’s Benefits to purchase a Fannie Mae Property?   That would be based on the condtion of the property. Check with the listing agent.
  9. Will Fannie Mae pay any of my closing costs?   This is done on a case by case basis. Present your offer and let the listing agent know how much settlement assistance you need.
  10. Can I use any of the downpayment assistance programs to purchase a Fannie Mae Property?   Present your offer with the requirements of the assistance program and it will be reviewed.

Submit your question regarding the purchase of a Fannie Mae Owned Property and we will respond.

 

 

 

Advertisements