Home Buying in 37743>Question Details

Erica88, Home Buyer in 29461

Is Fannie Mae homes usda approved??

Asked by Erica88, 29461 Tue Jul 17, 2012

I live in charleston and is having a hard time finding USDA approved homes so trying to figure out if it is true that fannie mae homes are approved???

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Answers

4
It depends on the loan program. Every loan has a different buyer.
0 votes Thank Flag Link Tue Apr 8, 2014
No, each loan program is independent of each other.
0 votes Thank Flag Link Tue Jul 17, 2012
Hi Erica88,

The home has to be located in an eligible area AND it has to pass FHA/HUD safety and health requirements to qualify for a USDA mortgage. The fact that a home is owned by Fannie Mae doesn't matter except from the stand point that a lot of foreclosures need some type of work or rehab and may not meet FHA, VA or USDA standards.
0 votes Thank Flag Link Tue Jul 17, 2012
No home sare automatically approved by USDA, it is their condition and location that determines if you can get a usda loan. A good buyer broker can easily guide you and provide a list of listings to drive by and see.
0 votes Thank Flag Link Tue Jul 17, 2012
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