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Old 11-02-2012, 10:26 AM
 
1 posts, read 1,386 times
Reputation: 11

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Hello,
I am looking to purchase a property during the Fannie Mae First Look Period which is limited to owner occupant purchasers. As I am self employed, it has been difficult to get approved for a loan on my own, even though I can afford to pay for the mortgage. Can I bid on a home during the "first look" period if I use a non occupying co borrower to get the loan? My sister/brother-in law are capable of helping me qualify for the loan, but they already own a house which they live in. This will be my primary residence, but of course they will only be on the mortgage to help me qualify and will not live there. This is specific to the Fannie Mae first look home only. I know this is not an issue on any other home I would purchase. This home is in a great area, and will most likely be bid on by several investors when the bidding is opened up to them. I know at that point I will not be able to compete on price with them.

Thanks
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Old 11-03-2012, 10:21 AM
 
Location: Not where you ever lived
11,544 posts, read 25,070,616 times
Reputation: 6183
No you cannot break rules to buy a Fanny May house. If your sis wants to use their house to buy you a house can do it, afterall, it is what you are asking them to do.

In most states, to qualify for any type of home loan you MUST meet certain criteria: escrow, a down payment not borrowed, FICO, low to zero balance on not more than 2 items, amount of savings, ability to repay mortgage, years with job, credit history, cash in bank to pay for incidental expanses such as the termite inspection - the balance cannot change appreciably between application and closing w/o approval. The house must meet or exceed all state and federal requirements.
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