Fannie Mae Offers “First Look”

Fannie Mae offers it’s properties to owner occupants for the first 15 days via its program called “First Look”.

Click the link below for the details of “First Look”.

http://www.fanniemae.com/newsreleases/2009/4868.jhtml?p=Media&s=News+Releases

Fannie Mae offers a Deed-for-Lease Program

Fannie Mae is introducing the Deed-for-Lease program to enable homeowners and renters to remain in their property for up to 12 months.

Click the link below for additional information:

deed for lease instructions

Worker, Homeowner and Business Assistance Act of 2009

The Federal Home Buyer Tax Credit has been extended to April 30, 2010 and has been expanded to include existing homeowners that have lived in their principle residence for five (5) of the last eight (8) years.

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

Click the link  below for the fact sheet on The Worker, Homeownership, and Business Assistance Act of 2009

http://www.whitehouse.gov/the-press-office/fact-sheet-worker-homeownership-and-business-assistance-act-2009

H.R. 3548: Worker, Homeowner and Business Assistance Act of 2009

http://www.govtrack.us/congress/bill.xpd?bill=h111-3548

New Guidelines for Assignment of Home Appraisers

Effective May 1, 2009, lenders that sell their loans to Fannie Mae and Freddie Mac will will have to comply with “Home Valuation Code of Conduct”.

Click the link below to view the document.

hvvc1

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.

 

 

 

FANNIE MAE OWNED HOMES

Click the link below to view Fannie Mae Owned properties:

http://reosearch.fanniemae.com/reosearch/