This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property On Purchase Agreement Fannie Mae In Phoenix
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State:
Multi-State
City:
Phoenix
Control #:
US-00123
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FAQ
Fannie Mae purchases or securitizes loans that are secured by properties subject to leasehold estates in areas in which this type of property ownership has received market acceptance.
Personal property may not be included as additional security for any mortgage on a one-unit property unless otherwise specified by Fannie Mae. For example, certain personal property is pledged when the Multistate Rider and Addenda ( Form 3170) is used.
Certain properties designed for specific uses, such as churches, schools, amusement parks, assisted living and sports facilities, are not eligible. These special purpose properties often have limited marketability and unique valuation challenges.
This is one of those times. Fannie Mae (more about them in a minute) has lowered their required down payment for owner-occupied, multi-family (2-4 unit) properties from 15%-25% to 5%. This means you can buy a property with 5% down, live in one unit, and rent out the other 1-3 units.
A Fannie Mae HomePath property is a house that's being sold directly by Fannie Mae to an investor or a traditional buyer. There are two situations in which Fannie Mae ends up owning a house. One is if the house has gone through foreclosure and Fannie Mae owned the mortgage on it.
Fannie Mae is a government-sponsored enterprise that buys mortgages from lenders. When a home owned by Fannie Mae is foreclosed, the agency lists and sells the property on the HomePath market. This program – which launched in 2009 – aims to support neighborhood stabilization and help families find the perfect home.
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company.
In general, Fannie Mae tends to buy loans from larger commercial banks and lenders. Freddie Mac usually buys loans from smaller banks or credit unions. This is the primary difference between the two. Fannie Mae has also been around about 30 years longer than Freddie Mac.
The 90-Day Flip Rule This rule protects borrowers and lenders from investing in worn-out properties. Hence, as a buyer, you should wait for 90 days before you can buy a flipped home.