Home Buying in Gilbert>Question Details

Nytoaz, Home Buyer in Gilbert, AZ

I am looking to buy a home for my disabled adult brother - does Fannie Mae Owner Occupant make exceptions for me to buy for my brother?

Asked by Nytoaz, Gilbert, AZ Sat Aug 6, 2011

We recently went through a seven month process with a short sale on the house I am interested in, but the mortgage insurance would not approve even though the bank had. Now that same home is for sale as a Fannie Mae Owner Occupied, but I cannot bid because I will not be living there. I have read that Fannie Mae makes exceptions for a parent buying for a disabled child or vice versa, but in this situation I am the sibling buying for my brother. Is that an acceptable exception for Fannie Mae?

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11
If he can be on the loan you can be a co-mortgagor (non-occupant) on a FHA loan. FHA loans require only 3.5% downpayment and is not as strict for qualifying as Fannie Mae. I have done loans similar to this in the past. Please feel free to call me at 520-440-8230.
1 vote Thank Flag Link Mon Aug 8, 2011
Thank you all for your assistance. I have spoken to the real estate agent and we will see what we can do. The house not likely to make it to the 15 day mark, so if it is meant to be it will be. And if not, I continue to search, albeit a bit wiser from the process. And as for Mr, Mike Shanley, while you may be correct about banks being in the business to make money, your callous answer was both unnecesssary and unprofessional. Regardless of whether the bank were to loan to me or someone who will live in the house, they will still make money. I am not asking for charity. If you are truly a "Real Estate Pro", you need to work on your people skills. Potential buyers who will read an aswer like that will certainly not do business with someone like you - I know I would not.
1 vote Thank Flag Link Sun Aug 7, 2011
Hello I am a retired usmc veteran, i have gone through 4 bamks since January 2012. i receive disability frpm the va and recently tried to buy a second home for 410,000. my present home is upside down with $132,000 in negative late fees from 2007. the house is $636,000 with an o interest only loan to baloon in 2015. my credit is good to excellen but i need the second home so i can live on the first floor. these banks say my credit is good, debt ratio is 27, i have reserves, my income is excellent, but the huse is value at 305,000, what can i do , i have tried, veterans united, navy federal, bank of ameria and now sun trust. i need this home. the permits came into build march 2012, i have a deposit but the builder is waiting foir me to process a loan with a committment letter.
please give some advice.
0 votes Thank Flag Link Wed May 23, 2012
You really have to check with Fannie Mae directly, I am sure Thelma (below) can get an accurate answer.
0 votes Thank Flag Link Mon Aug 8, 2011
I think Mr. Shanley missed the point of your question. You need to know if you can take advantage of the First Look program if your brother is an owner-occupant, and I'm assuming, the special financing terms given to owner-occupants.
0 votes Thank Flag Link Mon Aug 8, 2011
Nytoaz,
I just wanted to say that it is an extremely noble thing you are doing trying to buy a house for your disabled brother and although I am on the complete other side of the country I just wanted to commend you for this and I wish you success in this daunting task.
0 votes Thank Flag Link Sat Aug 6, 2011
Fannie Mae might make this exception, do you have a buyers agent that is working for you? The case could be made and it may be possible to grant the exception based on the circumstances.

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Sat Aug 6, 2011
Probably not, but I would suggest that you have your Buyer's Agent/Realtor check with the listing agent for the property. S/he he might be able to ask the asset manager if they would consider an exception for you - but like I said, I doubt that they will do so.

As already mentioned, Fannie Mae's FirstLook program excludes second home buyers and investors during the first 15 days of the listing. After that, you should be free to submit an offer on the property. Once again, consult with your Buyer's Agent on your timing and strategy with the offer.

All the best!
0 votes Thank Flag Link Sat Aug 6, 2011
Nytoaz,

If you are financing, you should consider doing a loan with your brother on it. He can be the occupant borrower and you can be the "non-occpant" co-borrer. That would allow you to purchase during the First Look period as he is living in the home. We are pre-approving about 20% of our clients with a co-borrower and would be happy to explore this option for your family.

Best regards,
Todd

Todd Bookspan, MBA
Certified Mortgage Planner
602-522-9494 ext 201
0 votes Thank Flag Link Sat Aug 6, 2011
Good afternoon,

Fannie Mae will sell to all buyers after a short wait period. Please email me the address of the house and I can find out if it's available for you. johannes.rath@ziprealty.com

Regards,

Johannes Rath
REALTOR (R)
ZipRealty, Inc.
Licensed in AZ
johannes.rath@ziprealty.com
Toll Free: 1.800 CALL ZIP x4127
Cell: 480.612.4958
Fax: 866.245.1356
My Profile: http://www.ziprealty.com/agent/jrath
0 votes Thank Flag Link Sat Aug 6, 2011
The Fannie Mae First Look program is what prevents investors for buying Fannie Mae homes. Please note that it lasts for the first 15 days only. So an investor can buy the property from the 16th day on. Please check how long the home has been on the market. You may be able to buy it for your brother.

Even if it hasn't been on the market that long (15 days), your REALTOR can check if Fannie Mae would make an exception for you and you may be able to submit an offer during the First Look period.

Good luck! I hope you get this resolved soon.

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
Realty One Scottsdale
0 votes Thank Flag Link Sat Aug 6, 2011
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