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When it comes to purchasing a Fannie Mae property, buyers are often confused by the process. Let me reassure you that you shouldn't have to be stressed out about going through the Fannie Mae process. When working with an experienced agent, you won't have any trouble navigating the confusing waters of buying a Fannie Mae property. However, there are some things that you need to think about before you purchase a Fannie Mae home.
Decide
First, you have to decide whether or not you should buy a home right now. It might seem strange for a real estate agent to say that, but some people are simply not suited to purchase a home right now. Only you can make that decision, with the advice and counsel of a great mortgage lender. Make sure that you are in a financial position to purchase a home before you even get the process started.
Choose a Lender
Second, and you want to choose the type of loan and lender that you will use to purchase a Fannie Mae property. Not every lender is equipped to help you buy a Fannie Mae home. You should start shopping for a lender, doing your research and getting recommendations on who to use before you ever begin the hunt for a home.
Get Preapproved
Third, get preapproved by your lender in writing. This is a step that many home buyers miss, and it can cost them the house of their dreams. You need a written, formal preapproval letter from a lender who has checked your credit and income. Most home sellers, Fannie Mae or otherwise, will not even consider an offer from you unless they see this formal letter of preapproval. You don't want to miss out on a home simply because you didn't do the legwork beforehand.
Time to Shop!
Fourth, start shopping for a home. This is the step where you go out and find a great house. Of course, we are certainly able to help you find Fannie Mae homes that will suit your needs and meet your criteria.
The next step in the process would be negotiation, but that's a topic for another day. As you negotiate on your Fannie Mae properties, make sure that you consider Fannie Mae's goals for the property. Be certain that you understand whether they are selling to first-time home buyers only, owner occupants or even investors. You also need to consider whether the property needs repairs and could possibly qualify for 203K financing.
If any of this information sounds foreign to you, we are always here to help you. Just give us a call or drop us an email, and we will answer all of your questions about buying a Fannie Mae home.
