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Updated about 8 years ago,
New Development via Fannie Mae -- chicken and egg stipulation.
Hi everyone,
I am a first time home buyer and in the process of closing on a townhome in the Seattle area and my mortgage broker informed me of a quirky stipulation with loans via Fannie Mae. Apparently if its a new development one of the units within the new development must be used as a comparable. Being that all units in the lot are new development, that means one of the homes must be purchased without traditional loans, i.e all cash or hard money loans, etc.
Has anyone heard of this before? Seems like to be an extremely flawed stipulation because it is like a chicken and egg problem, how does one unit get sold first via traditional loans to allow other units to use it as a comp (except for the means stated above)? This has caused my unit to be delayed for multiple times now because the other units are falling thru. Is there anything I can do?
Thank you for any input,
Jon