Fannie Mae Properties

[Edwin Duran]

Ive been doing some research on Fannie Mae properties, as a potential first purchase. Wondering if anyone can speak on their experience with these properties. I would be using it as my primary residence.

[Chris Simmons]

Fannie Mae, HUD and other programs like that can be a great source of properties, especially if you can truthfully qualify as an owner occupant. With Fannie properties it is more like a traditional offer and acceptance model. With HUD, you simply bid and wait until you have an accepted offer before you have to submit proof of funds, earnest money etc. As owner occupant, you have an opportunity to get in early before investors do. That is good. The bad side of that is that you don't get much pricing flexibility with such a new listing. Keep your eyes open for what you want in terms of a home and investment and be prepared to jump or keep waiting depending on what volume for your area is like. Good luck.