Don't forget about the buyer incentive as well. If you close on a Fannie Mae Homepath Home Home by Oct. 31st 2011, you can ask for up to 3.5% in closing cost credit. You do not have to use the Fannie Mae financing but you do have to owner-occupy.
Also, don't forget to ask your REALTOR about how a home warranty plan could help you offset some potential associated costs.
If you have additional questions about purchasing a foreclosure or anything else please feel free to contact me.
You can obtain your financing wherever you like. Fannie Mae does have it's own program but you are not required to use it. A loan office or a mortgage broker can answer your question as to what type of financing is best for you. If I can help you in any way, please do not hesitate to contact me.
Resource One Realty, LLC
De Pere, WI
Donna, You do not have to use Fannie Mae for financing, you have the right to choose. For more information on the type of loans, I would suggest talking with your banker/mortgage loan officer. If I can help with anything else, feel free to contact me, Id love to help.