Home Buying in Buckeye>Question Details

Mike Vincent, Real Estate Pro in 85326

Is it true that Fannie Mae has a new policy of keeping buyers earnest money if they can't qualify for their loan after being granted an extention?

Asked by Mike Vincent, 85326 Thu Mar 6, 2014

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Answers

4
If you were buying a home directly from them the possibility does exist Michael.

If you were purchasing from a private owner or builder Fannie Mae does not impose this rule but your purchase contract might.

Hope that helps!

-Tony

https://www.guaranteedrate.com/tonybellassai
0 votes Thank Flag Link Fri Mar 7, 2014
Good Morning Michael,

This question needs to be answered by an FHA Lender. Please contact Kare Jones 480-339-1577 with AmeriFirst she will be able to answer your question. Please let her know I referred you.

Have a GREAT day!

Vivien L Biggs PLC
602-615-9137
Prudential Arizona Properties
0 votes Thank Flag Link Fri Mar 7, 2014
Are you under contract currently to purchase a home? You should take a look at the contract and any addenda that you signed related to the contract.
0 votes Thank Flag Link Thu Mar 6, 2014
Michael

The only way to truly answer that question would be to review the paperwork you have signed as a part of your contract and that should be done by the agent or broker representing you.
0 votes Thank Flag Link Thu Mar 6, 2014
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