My last deal was a REO, Fannie Mae.

We were able get both postponed once or twice before, but this time around were told that because they were fanny mae backed they wouldn't postponed and it's a new rule????

Current Deal - Play by Play:Fannie Mae REO- 4 Bed/1 Bath, good location, needs TLC though...probably $5k - $7k in rehab.

Four-plexes can be a good place to start since you can get FHA or Fannie Mae financing on them and they aren't too big to be a giant management or rehab project.

It is Fannie Mae property owned.

You might also want to consider a homepath transaction now, less of a down payment required and the seller - fannie mae will cover enough closing costs so that you can probably buy down the interest rate to make the monthly costs lower too.

@David Beard, I have been told by one a local banker here in Cincy that if you have less than 4 financed properties, you can buy fannie mae owned props with 10% down and no appraisal, NOO.

Generally speaking, Fannie Mae guidelines do not have "# of properties" restrictions on refinancing your primary residence.

The reason being that this conserves your Fannie Mae bullets.

It appears she don't fit perfectly into Fannie Mae/Freddie Mac criteria.