Property Q&A in Tobyhanna>Question Details

Sassime40, Home Buyer in Lehighton, PA

Looking to make an offer on a Fannie Mae or Freddie Mac property. Who qualifies for these mortgages? Do you have to be a first time home buyer?

Asked by Sassime40, Lehighton, PA Sun Jan 1, 2012

What would the down payment be on a 120,000 offer? This is a bank owned property. If putting a deposit down how long do I have to obtain a mortgage? Is this deposit refundable?

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Answers

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You must find out the terms of the offer from the Listing Agent or I would recommend finding an Agent that you are comfortable with and have them work for you as a Buyer's Agent. They can be the go between you and the Listing Agent...they will be able to ask the right questions and assist you in making an offer. There are instances where Fannie Mae and Freddie Mac will restrict the sale to first time home buyer's or only obtain offers from first time home buyer's for a limited amount of time - such as the first 10 - 15 days it is listed on the open market. If it does not sell within this time period they will then open it up to other types of buyer's such as investors. I believe that you stated in a previous e-mail that you own a home in Pocono Farms that you would like to rent...because this would be a 2nd home it would probably be considered an investment which means you would have to put 20% down. The same rules for the deposit apply in this type of sale as do in my previous reply. "Time is of the Essence", it's very important that you abide by the dates and deadlines in the Contract. If you cannot meet the deadlines, then you and the seller must, in writing, agree to extend those deadlines.

Again, if I can be of assistance please do not hesitate to contact me.

Respectfully,

Cheryl J. McDonald
Michael J. McKeown, Inc.
570-424-2762
cheryl@mckeownrealestate.com
0 votes Thank Flag Link Sun Jan 1, 2012
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