New Fannie Mae Mortgage With No 90 Day Wait-any Info?
Hi, We've made an offer on a repo owned by Fannie Mae with us to use a FHA loan. They countered that they want us to use their new loan that doesn't have the 90 day wait period. The seller's agent, my agent and my Wells Fargo mortgage broker didn't know anything about this. Have any of you heard of this new loan? I will be able to post the exact name of it later tonight after meeting with agent.
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Please do post more info!
OK myfrogger. I just looked at www.fanniemae.com and couldn't find it.
Sorry to pop in, but hey frogger email me if you still have my email addy. It should be in my profile too I think?
Quote:
On 2004-09-04 13:32, myfrogger wrote:
Please do post more info!
In their 'Real Estate Purchase Addendum" to our offer, they are calling it "Fannie Mae Special REO Financing from a participating lender.
I have searched the fannie mae website and can find nothing on the term 'REO financing'. Go figure!
Their agreement says we have to use their financing, of which we have no details or even an approved lender to deal with!
I did find this link with some info.
http://www.wessonrealty.com/fannie_mae.asp
This one has good info about buying REOs too.
http://www.onewest.com/buyerinf.htm
Here is the Real Estate Purchase Addendum
http://66.102.7.104/search?q=cache:lZ0t-enVUt8J:www.wilkins1.com/pdf/formten.pdf+%22REO+Financing%22&hl=en
Funny I can find nothing on the REO financing. Just 1 mention on a listing in CO that it is 3% down and no MI!
[addsig]