Fannie Mae Homes

Written by Jared Vincenti
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The Fannie Mae foundation is an organization devoted to helping first-time homeowners purchase real estate. The foundation's charter calls on it to provide financial services that make it possible for low- to middle- income Americans to own a house. Fannie Mae was founded in 1938, and has since helped more than 63 million families. Fannie Mae is not a lender, though. Instead, it is a business that works with lenders to make sure that there is never a shortage of mortgage funds. Originally created as a government agency, it has been controlled by private investors since 1968.

In addition to this primary function, Fannie Mae also owns properties across the country. These are properties that have been foreclosed on, and are purchased by Fannie Mae to sell to prospective homeowners. These are all kinds of homes, ranging from single-family units to condominiums and town houses. Most of these are new homes, but some may be older buildings in need of repairs.

Getting Fannie Mae Homes

Fannie Mae homes are sold through local real estate brokers. You can find properties through the foundation's online search engine, but you must go through a real estate agent. Any real estate broker has access to the Fannie Mae database, so find an agent you trust before looking at Fannie Mae homes.

Once you have found a Fannie Mae home that you are sure you want to purchase, you can begin to negotiate. You will make an initial offer, which Fannie Mae will either accept, reject, or counter. If your offer is accepted, the home is yours for the price you named. If your offer is rejected, you must start again with a higher offer. If your offer is countered, you will barter the home to a price that both parties are happy with. Once you have agreed on a price, you then go about getting a mortgage for your new home.

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