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I want to buy a 2nd home owned by fanniemae

I want to buy a 2nd home owned by fanniemae.   my bank is financing it but Fanniemae wants me to sign a paper stating I will live in the home full time but I will only be there in the summer and my son will be living in it full time.  Can they refuse to sell me the house

  • December 03 2010 - Lansing Township
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Answers (4)

Best Answer

First, is the home HomePath eligible. 2nd, if you own a primary residence now, the new home has to be over 50 miles away to qualify for a second home, and not an investment property. Give me a call to go over the details.

Mark

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  • December 03 2010
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As a lender we deal with Fannie Mae forclosures every day.  With many forclosed properties, they are sometimes only available to "owner occupied" bidders for a period of time. If the home has not sold in the alloted time, it is then opened to all bidders...

My company does offer the Fannie Mae Homepath program...We should be able to help.

Feel free to contact me to discuss your options.  We are a Michigan based Lender.
  • January 19 2011
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Profile picture for ayla721
First, is the home HomePath eligible. 2nd, if you own a primary residence now, the new home has to be over 50 miles away to qualify for a second home, and not an investment property. Give me a call to go over the details.

Mark
248-816-6836
mgelbman@fpfc.net

yes it is a homePath eligible and my primary residence is 250 miles away in Ohio house I want to buy is in MI. My son lost his job in Mi and is losing his house so I want to buy this house for him.  It is more in his budget with his new job

I have all the financing in place
  • December 03 2010
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Do yourself a huge favor - do not buy short sale and foreclosure homes.  They are all fraudulent and you stand a chance of losing your home later as the true lender was not the lender pursuing the foreclosure action.  The true lender has a right to recover later.  In short, you are purchasing the previous homeowners problems.
  • December 03 2010
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