The best source for Fannie Mae bank owned homes is Homepath found at http://www.homepath.com
. This allows you to search for Fannie Mae bank owned homes by zip code.
You can search homes and it is a low down payment loan program offered by Fannie Mae which favors traditional buyers over investors. When you compare interest rates, it may be higher, however, there is no mortgage insurance on the Homepath loans.
Also, make sure your agent does the comparable sales in the area as Fannie Mae tends to start their list prices about 10% to 20% higher than market value. However, most of their offers are accepted close to, or at market value.
Best of luck to you,
Mark & Kari Shea
Shea Real Estate
Home Sales Specialists; New and Resale Homes
Property Valuation Specialists
Land Sales, Acquisitions & Consulting
Serving Greater San Diego