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Within how many days must a person occupy a home on a FNMA purchase?
Wiki User
∙ 13y ago
60 days
Wiki User
∙ 13y ago
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What is a borrower's certification and authorization or where can that be found?
FNMA form 1097
What does the term jumbo mortgage refer to as it relates to home mortgages?
A jumbo mortgage is a term used to describe a home mortgage that is bigger that most mortgages. These mortgages exceed the amount that the FNMA and FHLMC will purchase.
What do letters Sam mean in fnma Sam vendor?
Service Agreement Market
How can you find out if your mortgage is insured by fannie may or Freddie mac?
FNMA & FHLMC are not insurers they buy mortgages in the secondary market. FNMA & FHLMC can "own" your mortgage but your mortgage would be insured by a "Private Mortgage Insurance" (PMI) Company.
What if you are trying to buy a FNMA house and the lender requires repairs before closing?
FNMA sticks to their guns and does not vary from the "as is" line, even for HUD types of issues that come about because of the appraisal. So, here's what you do. You get an addendum to the contract stating that "FNMA authorizes [sellers realtor] to [whatever needs doing.] Do it right away when your lender/appraisal notes what the seller has to do. Then, you can hire who you wish or do the work yourself so that the appraisal will pass. Otherwise, the time may go by until FNMA responds and you'll miss your contract dates and the reason will be "buyer can't obtain financing."
How do you buy a reverse mortgage home?
There are a few Reverse Mortgage products that can be used to buy homes. The FNMA Homekeeper is one of them. You have to put down a hefty downpayment, say 50% or more. Lenders have their own overlays on how much you have to use as a downpayment. From there you apply for the FNMA Homekeeper loan like any other real estate loan. The nice part is that you have no mortgage payments! Typically if a senior currently owns a home and wants to sell and buy elsewhere, if you have ample equity in your existing home, you can take out a home equity line of credit (cheaper than a new 1st mortgage) and use that equity for the downpayment for the new home. You than could use the large downpayment for the new home purchase using the FNMA Homekeeper reverse mortgage. Than sell your existing home after the new home purchase. Another way is to take a regular reverse mortgage out on your existing home, and use that money to plunk down on the new purchase and use the FNMA Homekeeper loan to purchase the new home, than sell your existing property. Make sure and check with individual lender rules on how many outstanding Reverse mortgages you can have at one time. Best of luck.
How do you get FNMA to pay HOA fees on foreclosed homes?
Working with a foreclosing lender is never an easy task. Best practices dictate that the board work with its counsel to file the proper paperwork and send the invoices to the proper address, and file the proper documents that cloud the title sufficient to have some chance of collecting the assessments due from the property at the time of sale.
What is the origin of fannie in Fannie Mae?
The term "Fannie Mae" comes from the abbreviation for the true name of Fannie Mae--the Federal National Mortgage Association (FNMA). FNMA is a government-sponsored entity. For more, see http://www.fanniemae.com/kb/index?page=home&c=aboutus
How do you find out if a property owned by Federal National Mortgage Association has a contract?
You need to contact FNMA with the address and ask. If you want to know if FNMA holds a mortgage (or has foreclosed on the property) you can check that out in the local land records office by researching the name of the owner of the property and by looking at any mortgages and their assignments.
Where do you send service of process to Federal National Mortgage Association?
I served (1) the civil process clerk for the United States Attorney for the state (there is a federal civil procedure rule for guidance here) and according to the state laws for service as well, with a copy sent directly to the headquarters in Washington DC. FNMA might not need service upon the civil process clerk but FHFA has taken conservatorship, plus the FNMA has a special position with its own federal charter.
What advantages does the FNMA have over other business corporations?
its common stock and other securities are exempt from Securities and Exchange Commission (SEC) Laws and regulations to the same extent as U.S. government securities
What company is behind the FNM stock in France?
FNM is not associated with any company's stock ticker symbol . The stock ticker symbol FNMA is the stock symbol for the company named Federal National Mortgage Association.
