I was Highest and best offer on a Fannie Mae property.

For the REO's, Fannie Mae/Freddie Mac will only accept offers 97-98% of list price so low-balling them is a waste of time.

So since the lender wants to sell off loans rather than keep them in portfolio, they need the loans to conform to Fannie Mae and Freddie Mac standards.

And many times the vendor has a better idea of the repairs needed on the property, because they're the ones who are liable if they miss something in their initial property condition report.Also, almost all Fannie Mae foreclosures have the same key combination, so once you come across a "master key," you can get into almost any of their foreclosures.

@Rob Soete I am about to close on my first property, a non-owner occupied 4 plex in Phoenix, and like you, I am already trying to figure out how to purchase my next property.The least expensive ways I have seen are owner financing with smaller down payments, then there is the Fannie Mae Homepath properties, which require only 10% down, even on 2-4 unit properties and don't require PMI.

You should also make sure you can get an 80% LTV cashout.According to the Fannie Mae matrix found here, it shows 75% as the max LTV on a cashout investment loan.

I had signed the closing docs and everything two weeks ago, but the title company jumped the gun and the seller ( Fannie Mae) had not approved docs yet.

They are underwritten by using Fannie Mae and/or Freddie Mac standards so that the bank has the option to sell the note to the secondary market.   

Does anyone know if I can buy a Fannie Mae/Freddie Mac with any mortgage company?

The Conventional Rules For a Cash Out LoanFannie Mae and Freddie Mac are the Government Agencies that sponsor conventional lending.