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FNM First Look is program for those who plan to live in the home for at least X years (I believe it was 1 or 2 the last time I checked). Freddie Mac has similar program and both has penalties if one decides to rent it out (there is a formula that they use). As far as restriction for purchases, they don't care WITH THE EXCEPTION that there may be properties that has income restrictions. I've seen listing where there are restriction on the property itself.
Actually, the First Look program is for owner-occupants (those who will live in the home; not flippers), not necessarily just first-time buyers.
Yeah, I told him about the "owner-occupier" restriction in his other thread about using "public funds". I really wish the OP would either educate himself on the FNMA program, since there is so much info available, or at least consolidate his threads in order to avoid duplication in answering his questions. However, I'm not sure he really wants to "hear" the answers.
I see. I am a first time would be buyer. I hope I get it all figured out before they open the doors to everyone. I called up and never got a response still. Must I go into the office and actually show real interest in the property? Should I walk into the realtor office and make offers and show all necessary paper works to get the best deal there is? I just want to be ready and look like I did my homework so I get the best deals and make everyone's day easy and transactions smooth.
FNM properties are usually listed by smaller listing offices. Depending on the market, some of the RE professionals may be very responsive or some just never respond. In my market, I always find it easier to just contact the listing office vs brining my own buyer agent. I like to deal with the listing agent directly. This is not something I suggest for first time home buyer. My last FNM purchase took about 45 days and was pretty straight forward. I know what I wanted to pay and presented to the listing office.
OP, most states have programs offering first time homebuyer classes so you can learn more about the process. I strongly urge you to take one, so that you have a better idea of what the home purchase process is. Your questions make it clear that you are currently in over your head at this point.
Baltimore real estate is service by Redfin, which lists properties to be auctioned, HUD and FNMA properties. There are hundreds of them in both the location and the price range that the OP is looking at; however, he really needs to get educated on all of the programs or get a good mortgage broker who can qualify him and find the best program.
or get a good mortgage broker who can qualify him and find the best program.
I believe, from info from multiple threads, that the OP is not looking to finance anything. He is looking to pay cash for a property. He doesn't need a program; just a property in his price range (which appears to be awfully low.)
I believe, from info from multiple threads, that the OP is not looking to finance anything. He is looking to pay cash for a property. He doesn't need a program; just a property in his price range (which appears to be awfully low.)
True; and as I indicated above, if he checks the listings on Redfin (which are real-time, btw), there are more than 10 pages of SFH listings less than 50K in Baltimore. A great many of them are less than 20K, and I even saw a lot for 5K. He can't get much lower than that. However, if he's looking for a cheap price AND a good neighborhood, the search may take him a little longer. There are scads of upcoming auctions though.
I believe, from info from multiple threads, that the OP is not looking to finance anything. He is looking to pay cash for a property. He doesn't need a program; just a property in his price range (which appears to be awfully low.)
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