My experience with Fannie Mae has been good. You are able to obtain title insurance on the properties. You must use the title company selected by Fannie Mae. Either the Realtor can tell you or the title company. you will need to check what the transfer taxes are in your area. For instance, in Florida, the documentary stamps are.
Fannie may is exempt from paying documentary stamps or transfer taxes so be prepared to pay those costs. You have the right to make an inspection and if there are major repairs, you have the option of cancelling the contract.įannie Mae requires a 10% earnest money deposit if you are buying the property as an investment, and a 5% earnest money deposit if you are buying it as your primary residence.įannie Mae may pay up to 2% of your closing costs so be sure to ask for that in your offer. Some properties may need repairs and all properties are sold in an “as is” condition.
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You are free to choose whatever type of loan you want, and do not have to go with the Home Path or other Fannie Mae Financing. All Fannie Mae properties are listed with Realtors, and you must make your offer through a Realtor.įannie Mae requires a pre-qualification letter to accompany all offers because they want to make sure that the borrower is qualified and can close the transaction. If you are working with a Realtor, the Realtor can check the MLS for you to see if there are any Fannie Mae foreclosure properties in your area. A three-year waiting period is permitted if extenuating circumstances can be documented, and. Exceptions for Extenuating Circumstances. To find a Home Path lender, click on the information on the Fannie Mae website to find one in your area, or check with your own lender to see if they offer Home Path or other Fannie Mae financing. A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower. Your credit score can be as low as 580 to qualify. Fannie Mae offers Home Path financing which is special financing to buyers/investors that are purchasing Fannie Mae properties. The easiest way to find a Fannie Mae foreclosure in your area is to visit their website at. Since the government is trying to get the home market jump started, it is much easier to deal with Fannie Mae than a REO (bank owned) property. View more property details, sales history and Zestimate data on Zillow. When foreclosures arise on mortgages in which Fannie Mae is the owner/backer, or when properties are acquired through deeds in lieu of foreclosure or forfeiture, Fannie Mae attempts to sell the properties in a timely manner to minimize potential impacts on the community.Purchasing a Fannie Mae property in my opinion is the easiest and best way to go right now if you are looking for a foreclosure property. 3174 Meador Port Oliver Rd, Scottsville, KY 42164 is a single-family home listed for-sale at 179,000.
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Foreclosures 2309 Kidds Dairy Rd Scottsville, Virginia 24590 foreclosure. Read reviews, compare customer ratings, see screenshots, and learn more about Fannie Mae. Fannie Mae (the Federal National Mortgage Association or FNMA) is a government-sponsored enterprise (GSE) established in 1938. We have free bank foreclosure lists, all for FREE.
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