If you're lying to Uncle Sam about your income, he's going to tell Aunt Fannie Mae and she isn't going to be there when you hit her up for a loan.

The FNMA or fannie mae 30 yr was engineered to provide consistent monthly payment and predictability.

@Adrian Hollifield You may want to check the Fannie Mae Homestyle renovation loan to see if it would work for you as an option.

We purchased for $59K from Fannie Mae, appraised for $60K, but an identical house 1 block down just sold for $72K in slightly better condition.

But I would recommend looking into the Fannie Mae HomeStyle rehab loan which can be less hassle in its implementation vs the FHA 203k.

Fannie Mae and Freddie both allow you to refi for your cash purchase price and accusation funds before 6 months....this is no financing on the subject property.You can do a no cash out refi (pay off existing loans) after 4 months using a new appraisal.You can do a cash out refi after 6 months, going off the new appraisal.Talk to local brokers who also invest and they can find lenders that will fund these loans.

Many of the secondary market buyers of loans, or guarantors, like Fannie Mae and Freddie Mac are Government sponsored entities, whose purpose is to promote home ownership.

Fannie Mae is very good about having these properties tested even if it is rumored to be a meth lab.

When you purchase a property, and want to refinance into a desirable Fannie Mae loan, there is what is called a 6 month “seasoning period”.

Some of the Fannie Mae REO's I've bought have a deed restriction on them that I can't resell or refinance it for over a certain amount of the purchase price for 90 days.