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I'm just curious. If one is to pay the house in cash (say a $20K house), is this allowed by fannie mae? This might get considered as someone "having money" to pay a house in cash.
Fannie Mae buys mortgages after the loans are made. Unless its a specific type of govt insured loan, they have no part of the purchase process.
not entirely true. Fannie and Freddie both have a portfolio of owned Real Estate (REOs - usually foreclosures that didn't sell at auction) that they sell to buyers.
As far as I know, there is no income limit for buyers.
OP, Fannie offers their REO listings to first time buyers, first. After an initial restricted period for those first time buyers, they open the floor to all bids, cash and investors.
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.
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.
That might be helpful. Otherwise, what do you expect, that the realtors are just going to wait for your offer? FNMA properties are a pretty hot commodity for low income buyers, particularly in an investor-rich environment like Baltimore, and also in neighborhoods like the ones where you are showing listings. You REALLY need to find a buyers agent who will be proactive on your behalf, otherwise you will consistently lose out on properties you want and can afford.
OP, Fannie offers their REO listings to first time buyers, first. After an initial restricted period for those first time buyers, they open the floor to all bids, cash and investors.
Actually, the First Look program is for owner-occupants (those who will live in the home; not flippers), not necessarily just first-time buyers.
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Otherwise, what do you expect, that the realtors are just going to wait for your offer? FNMA properties are a pretty hot commodity for low income buyers, particularly in an investor-rich environment like Baltimore, and also in neighborhoods like the ones where you are showing listings. You REALLY need to find a buyers agent who will be proactive on your behalf, otherwise you will consistently lose out on properties you want and can afford.
