Asked by Victor Barajas, El Paso, TX • Tue Feb 26, 2013
I am in the process of purchasing a Fannie Mae foreclosure. The home is rated at a C5 and can be rated at C4 once repairs are completed (no major repairs).
FNMA will not make the repairs, and will not allow for repairs to be made unless I own the home. The lender will not finance the mortgage unless the repairs are done, and the home is at a C4. Basically: I want to make the repairs to get a C4 rating and qualify for a loan, but I can't because FNMA won't allow it until I own it, but I can't own it until I make repairs.
Any suggestions will be appreciated. I really like this property but I don't know how to go about it.
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