Home Buying in 85224>Question Details

Bubbag159520…, Home Buyer in 85224

I was curious to know as a first time buyer, if I should stay away from fannie mae owned homes?

Asked by Bubbag15952000, 85224 Fri Aug 27, 2010

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Your question was asked on Trulia some time ago, have you been able to resolve your situation and meet your goals?

Would you like professional representation in the Arizona Real Estate market?

How could I help you?

Doug McVinua

HomeSmart Real Estate

Arizona Homes for Sale by a Guy from Iowa



Direct 602-751-7577
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Mon Jan 3, 2011
Fannie Mae homes are a great opportunity as well as HUD homes, and Freddie Mac properties. I would not limit myself, take advantage of all of the phenomenal opportunities, especially the FHA lending if you qualify for this, it is only 3.5% down which is a big deal!
0 votes Thank Flag Link Thu Dec 16, 2010
Bubbag159520, You have to ask yourself a few questions and one of them is not, "Who is the seller?" If it is a retail seller or a bank, you can usually close relatively quick and then you need to decide what it is worth, and one of the biggest things is the location. If it works for your family, then go for it!! There are also some outlets to get properties from whopesalers or auctions which will have pretty big discounts, as much as 35%, but your financing options will change. If you have more questions, feel free to ask them. Thanks,
Web Reference: http://www.SearchAZmls.com
0 votes Thank Flag Link Wed Oct 20, 2010
Fannie Mae has a program called HomePath which may be a great program for a first time home buyer. No PMI whch can save hundreds a month on your mortgage payment 3% down payment and 3.5% back to you the buyer in closing costs.

Want all the details. Call or Email me, I have lenders ready for the call

Dan McNulty
Arizona Elite Properties
0 votes Thank Flag Link Tue Oct 5, 2010
Im would not aviod the right home buying opportunity just because it is owned by Fanniem orm Freddie. You ca close faster than a shortsale and if you get a good inpection report you will know exactly what you are buying. Besides, they sometimes pay up to 3.5% closing costs. Good luck.
0 votes Thank Flag Link Thu Sep 2, 2010
If your credit is good then no absolutley not. If the property quaklifies there is a Home Path Mortgage program and Home Path renovation Mortgage program that is as little as 3% down, no MI insurance , no appraisel fee and available to owner occupied and incestors.
Karla FInch ABR,CRS, SRS
Tierra Antigua
0 votes Thank Flag Link Mon Aug 30, 2010
Dear Bubba:

Fannie Mae homes have been checked out. They are not perfect. An inspection is allowed befor you purchase. Fannie Mae also provides a 3% down through their HomeSteps Financing. This is less than FHA of 3.5%. Fannie Mae often provides Renovation Finanancing if the home requires repairs prior to move in. Also, Fannie Mae will guarantee the loan if you use Homesteps, so you do not have to worry about the bank approving the home with a bank appraisal. Fannie Mae often contributes towards buyers closing costs. So, in summary....yes consider a Fannie Mae home.

More info for a first time homebuyer: http://www.arizonahomesland.com/firsttimehomebuyers.html

May I wish you the best.

Regards, Jeff

Arizona Homes and Land
0 votes Thank Flag Link Mon Aug 30, 2010
I guess I should read the answers to see if my suggestion has already been given............but sometimes its good to hear things more than once.

Frankly, it does not matter if the home is Fannie Mae, Freddie Mac, IncyMac, Wells Fargo.........or any other entity or person.
Do you like the home?
Do you like the area?
Do you like the price?
If these questions produce a yes answer, then I would suggest to move forward. The entity selling has nothing to do with location, condition etc. If you find a home you truly like, and meets all your criteria move on it. The key I think once you find all that is to make sure you get a home inspection. That way you've got the answers to the above questions, but also know the condition of the home. In that way you'll be able to decide if the home is too much work to take it.

Hope that helps
0 votes Thank Flag Link Sat Aug 28, 2010
We're closing a Fannie Mae property this week for our first time home buyer.

It's been the easiest transaction this year! The upside is that you don't have to wait for the lengthy
process of short sale homes. This property is closing in 33 days. We even wrote into the contract to
have certain repairs made on the property and they were completed by Fannie Mae's contractor's.

I think as first time home buyer's, names such as Fannie Mae, Freddie Mac, etc. is intimidating. If
your agent is familiar with the process, you can purchase any home and feel confident. You should
search for the type of home you want and let your agent guide you through the process.

Best of Luck!
Web Reference: http://www.weberhomes.info
0 votes Thank Flag Link Sat Aug 28, 2010
Fannie Mae homes come with the same risk as any other bank owned home and must be managed as such. Bank owned homes can be a good value if they fit the criteria for you.

By managed, careful due diligence is required when we look at the home, a proper Home Inspection etc to protect you. It can be done and can end up in a very nice home.

Select a buyers agent to represent your interests!

Doug McVinua

Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Sat Aug 28, 2010
I am not at all sure why you would ask this, your agent should be able to advise you based on your situation. There are some good buys in the Fannie & Freddie homes, you just have to be aware that they generally will not complete repairs on them. You should really discuss this with your agent.
0 votes Thank Flag Link Fri Aug 27, 2010
I'm curious about your question. Why would you ask it?

What did your Buyer's Agent advise you to do?

Did your lender say something to you about Fannie Mae owned properties?

Just wondering...
0 votes Thank Flag Link Fri Aug 27, 2010
No, you should not stay away from Fannie Mae owned homes, just because they are Fannie Mae. There are many people to specifically keep their eye on Fannie Mae properties because they are often easier investments. The HomePath program has some really great properties that have undergone some rehab before they've been put back on the market. The HomePath program has homes that are first listed specifically with the first-time home buyer in mind. They place homes on the market and for the first 15 days, investor offers will not be accepted. This allows first-time homebuyers the chance to make an offer and negotiate a deal without the competition of investor cash offers.
I have personally purchased a HomePath home within the last three months and it is a great home. There are warranties offered for non-investor buyers, so a HomePath purchase can reduce many of the risks and headaches that come with a short-sale or other lender-owned property investment.
Any home, Fannie Mae or otherwise can have its issues, but as a first-time buyer, I would suggest you keep your eye out for HomePath possibilities. I hope you find a great home. Blessings to you.
Web Reference: http://www.homepath.com/
0 votes Thank Flag Link Fri Aug 27, 2010
What makes you think that? I don't know of any good reason why you shouldn't.

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
0 votes Thank Flag Link Fri Aug 27, 2010
You should not avoid HUD homes either. I believe there are many great buying opportunities for them also. And the best part(s)... The inspection and appraisal have already been completed, and you will get an answer the next day after submitting an offer. Only certain brokerages can even help you with a HUD home, and we are one of those brokerages, hint, hint....

My team and i have helped almost 60 people purchase HUD homes already this year. We can help you too.
0 votes Thank Flag Link Fri Aug 27, 2010
You should go hunting for a home based on your search criteria. As a first time homebuyer it is easy to say you want the lowest price or get a bank owned home because it is a deal, but listen to your realtor because the best deal is not always the best price and LOCATION is still number one when looking for a home. Good Luck with your search.

Matt Puzz
Licensed Loan Originator
Amerifirst Financial, Inc.
Apply Online: http://www.mattpuzz.com
Web Reference: http://www.mattpuzz.com
0 votes Thank Flag Link Fri Aug 27, 2010
Absolutely NOT !! Our team lists Fannie Mae properties. In all our dealings with Fannie Mae we find the Fannie properties and Fannie Mae are just fine for first time home buyers.

In fact, Fannie has better terms for buyers than FHA. Go to the Fannie Mae website.,.....

HomePath.com for details on the Fannie Mae loans for Fannie properties. There are a great many Fannie properties around the metro area. I'm sure you can find a Fannie home that will meet your neeeds.
0 votes Thank Flag Link Fri Aug 27, 2010
I think Fannie Mae has some great buys and are easy to work with. I would not rule them out.
Web Reference: http://azrealtorhelp4u.com
0 votes Thank Flag Link Fri Aug 27, 2010
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