Can I lend money to a friend to buy thier new home, and then resale the morgage to Fannie Mae?
Suppose you have $100,000 to lend and your friend, who has poor credit wants to buy a home. You know your friend will repay you, but aside from servicing the interest on the loan, you don't want your principal of $100,000 tied up. Can you sell the mortgage note to Fannie Mae or Freddie Mac? If so, what does it take to do so?
No you won't be able to sell the note to Fannie or Freddie, you must be an approved Seller to do that.
You can, however, find a buyer who will buy the note at discount.
No... the rules for fannie mae are that you need to be a relative if you are going to offer a gift to a family member.
I highly doubt it because they have guidelines for packaging/selling/buying loans.
Read Eddie Speeds book on selling loans. You can find it at http://www.colonialfundinggroup.com/ . You need to have a complete file with mortgage app, credit report, survey, title insurance, etc to be able to sell loans in the secondary market. To resale the loan you probably still need to follow the same lending guidelines other lenders use.
I'm gonna take a stab and say a firm "no". First of all the bank would still be loaning the money to your friend in the end - presupposing they would in the first place. Contact the bank.... sounds like its a case of "no good deed goes unpunished"....
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