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Fannie Mae 120% Financing Clause
Has anyone ran into this issue with Fannie Mae? They have a clause in their contract which states you can not finance more than 120% total of the contract price of the property...
So on my last deal, I purchased for $65,000 and could only borrow $78,000 total. That left me about $6,000 for rehab cost, when I needed about $30,000.
How do you work around this?
Danny