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Fannie Mae purchases loans from banks in what is called the secondary mortgage market. It is a bank owned property, but not a HUD one.
I have done a few Fannie Mae purchases for buyers, and they were totally smooth. The good news about Fannie Mae is that they don't like to sell to investors and give preference to people who plan to live there.
The ones I have done had a requirement that you can't sell it for 6 months because they want to avoid the flips, but not sure if they are still requiring that with current market conditions.
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