So investors don't qualify for this offer and perhaps Fannie is looking for flags of investors buying cash and saying they are primary home buyers? It doesn't make sense, but that's Fannie!
If you are a primary home buyer, the incentives that Fannie is offering might make it more attractive to get a mortgage (no appraisal, 5% down no MI) and 3.5% towards your closing costs - from Fannie.
Please let me know if you need more information regarding the Fannie HomePath 3.5% closing cost credit!
• First Look is typically the first 20 days a property is listed on HomePath.com (Nevada is 30 days).
• Properties in the First Look period have a countdown clock on the property information page of HomePath.com displaying the days remaining to purchase.
• Eligible buyers during First Look are owner occupants, public entities and their partners, and some nonprofits.
Let me know if I can be of assistance,
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
Fannie Mae's main focus is to promote owner occupancy home ownership. They apparently prefer to avoid the investors who have no real interest in building the neighborhood dynamics and focus on stabilizing the neighborhood, which can be a good thing.
They want to know what you own so that they can better determine if you qualify for the types of program.objectives they are trying to instill. That said, and normally, after the first 8-15 days if they have not found a qualified owner/occupant they will open the listing to investors, but they still want to know what kind of investor you are....
They are giving first time home buyers an opportunity to own a home in a highly competitive investor market. If you are an investor and always had the intentions of buying as an investor then have your attorney contact your Realtor and figure out the right course of action to take. Good luck.
I suspect they want to know if you are buying as an owner occupant or an investor. Investors are generally blocked from bidding for the first few days to allow buyers who intend to occupy the home as a primary residence to have a chance. If you own 5 other properties, they may suspect you aren't telling the truth if you sign the affidavit that swears you'll occupy the home. I'm not positive about this, but suspect it may be one reason.