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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Tell Me About Fannie Mae
I am in the process of helping my mother sell her place. We just received an offer at almost ask.
Here's the dilemma, the buyer is a single first time buyer, about 30, involved in a family business, coming in about 40% cash but financing the remainder (about 250K)with Fannie Mae.
I guess I'm a little surprised that a buyer with this much cash would be going Fannie Mae and a little concerned that it could take a long time to close.
So tell me about Fannie MAe and why someone would elect to go this route if they have so much cash. The only reasons I can think of is he has poor credit; can't show income or is receiving some type of first time buyer's incentive.
In addition, the agent tells me he's pre approved (I'm waiting to see the actual pre qual). But, I'm wondering if it isn't a pre qual from a mortgage broker, because I'm not sure that Fannie MAe actually issues pre approvals.
Thanks in advance for any insight you may be able to offer.
Message edited 8/13/2010 11:26:13 AM.
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Posted 8/12/10 8:32 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Tell Me About Fannie Mae
fannie mae isn't a direct lender - maybe they are using a federal program? I would just ask for a preapproval (not a prequal) from a bank - NOT a prequal
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| Posted 8/13/10 8:46 AM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Tell Me About Fannie Mae
Posted by Meaghan729
fannie mae isn't a direct lender - maybe they are using a federal program? I would just ask for a preapproval (not a prequal) from a bank - NOT a prequal
Thanks for the reply. I actually did ask for a pre approval (not pre qual), just typed without paying enought attention. I just went back and edited the original post.
My concern is that a mtg broker is involved and it sounds to me like its just a pre approval from a broker. But, I should have the paperwork today.
I guess I'm just curious about why someone with this much cash wouldn't go directly to a bank??
Message edited 8/13/2010 11:26:48 AM.
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| Posted 8/13/10 10:44 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Tell Me About Fannie Mae
it's very hard to get a loan as a self-employed person today- even with 40% down
I went to a class at BFCU last night and there requirments on Self-employed loans are a credit score min of 720
and tons of assets
so unless your score is well over 700 and you are self-employed I would be shocked it you could get a loan from a big bank
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| Posted 8/13/10 11:10 AM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Tell Me About Fannie Mae
Posted by Beth
it's very hard to get a loan as a self-employed person today- even with 40% down
I went to a class at BFCU last night and there requirments on Self-employed loans are a credit score min of 720
and tons of assets
so unless your score is well over 700 and you are self-employed I would be shocked it you could get a loan from a big bank
Thanks for the info. Do you think he would qualify through a Fannie Mae sponsored program?? And do these programs issue pre approvals? And, lastly, does it take forever to close a Fannie Mae loan??
Sorry for all the questions. I'm just reluctant to tie up her unit when its only recently on the market and we have had a fair amount of interest in it already.
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| Posted 8/13/10 11:24 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Tell Me About Fannie Mae
I have no idea about the program- so I really can't comment on it
but I did google Fannie Mae and self employed mortgages- and it seems like they stopped writing those loans in 2008
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| Posted 8/13/10 11:36 AM |
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