We look forward to helping you find the perfect property. To receive listings on new Fannie Mae properties, please fill out the short form below. Primary homebuyers (owner occupants) should definitely be targeting Fannie Mae foreclosures as some of the best deals on the market.įannie Mae releases new properties daily, including homes that are “coming soon” on their inventory. It can be frustrating for investors to wait out the 15 day mandatory “First Look” period.
Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Though the buyer will have a due diligence period to inspect the property for major defects, Fannie Mae is not responsible for fixing any problems after a closing. And while Fannie Mae may make some repairs to properties to increase their marketability, the buyer should be aware that other repairs may be needed. They will not consider any contingencies on the sale of another property. Expanded seller contributions towards closing costs are allowed.įannie Mae will also require a lender pre-approval or “proof of funds to pay cash” to be submitted with any offer.A low down payment, and no mortgage insurance.The Fannie Mae’s and Freddie Macs REO portfolios are now stable and their individual retail sales are achieving close to fair market values for the properties. This really helps in many of the condo communities where traditional financing is not available at all. FHFA is exploring new approaches to the disposition of foreclosed properties (real estate owned, or REO) owned by Fannie Mae and Freddie Mac. No required appraisal and no required condo certification.The main benefits to getting a Home Path Loan are: To find out if one of the GSEs owns your loan, you can send a ' Request for Information ' under RESPA to your servicer asking for the identity of the loan owner or you may use the.
FINANCING FOR FANNIE MAE FORECLOSURES MAC
There are a limited number of Boca Raton mortgage lenders who are authorized HomePath brokers. Sometimes, the foreclosure will be in the servicer's name (acting as an agent for Fannie Mae or Freddie Mac), even though Fannie Mae or Freddie Mac is the loan owner. .on mortgage loans that exceed 80 percent loan-to-value (LTV) and reduces potential losses for Fannie Mae and Freddie Mac in the event of foreclosure. Whether or not a property is eligible for HomePath financing is determined on a case by case basis. According to the author of 'The Complete Guide to Investing in Foreclosures,' anyone who can obtain the financing needed to purchase a Fannie Mae foreclosure can buy one. Fannie Mae also offers special HomePath financing with less strict guidelines than traditional Boca Raton mortgages. Buying a Federal National Mortgage Association foreclosure doesn't have to be daunting, as many steps are similar to buying a non-foreclosed home.
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