subject: Finding it Hard to Qualify for Home Financing? Try Fannie Mae Homes [print this page] Finding it Hard to Qualify for Home Financing? Try Fannie Mae Homes
Fannie Mae homes refer to home financing being offered through the Federal National Mortgage Association, a government-backed mortgage insurer that aims to provide housing for middle to low income families.
A Walk Through on Fannie Mae Foreclosures
Fannie Mae homes are foreclosed upon when buyers fail to pay for their home loan secured through the company. In this scenario, Fannie Mae had already purchased loans from banks or other financial companies and re-offered the property to the market. When these homes are foreclosed upon the government-sponsored mortgage company offers the homes to the market once more at a lower price.
Purchasing foreclosures offered through Fannie Mae is similar to purchasing a real estate owned company from a bank but with relatively bigger discounts when compared to bank or other types of foreclosures. The government has weighed in and doubled its efforts at fixing the housing crisis by providing bailout programs for the mortgage industry through Fannie Mae.
Qualifying for Fannie Mae homes likewise follows regular foreclosures. Buyers need to show proof that they are able to pay off their home loan by submitting certain documents which may include tax returns, bank statements if any and social security identification.
Fannie Mae homes cannot be bought directly by buyers. Licensed real estate agents and brokers have been accredited by the Fannie Mae to sell these homes and buyers would need to seek out these agents to initiate a transaction.
As in any other types of foreclosures, these homes are sold as is and so certain repairs would be required. Buyers should never forget to conduct a proper home inspection to determine repair costs. There are some government grants and assistance programs which buyers may be able to avail to further lower down their financial exposure.
