How to Buy A Fannie Mae

What exactly is fannie mae? (FNMA) Fannie Mae, is the Federal National Mortgage Association. It was a privately owned government sponsored enterprise. With authorization to make loans and or loan guarantees. As of 2008 Fannie Mae and Freddie Mac owned or guaranteed 12 Trillion Dollars worth of inventory in the mortgage market. The Sub-prime crisis caused all other loan resources to cease. So 80% of new mortgages in 2008 were either Fannie Mae or Freddie Mac backed.

Fannie Mae requires all offers be submitted by a licensed buyer's realtor and every offer must include a pre-approval letter from a lender showing that the buyer is qualified to make the offer.

Fannie Mae’s goal is to sell properties that are in foreclosure in a timely manner. Fannie Mae homes that are offered for sale are sold through real estate brokers also known as a Seller's Agent. These brokers will list the home on the local MLS multiple listing which is a search engine used by realtor’s. 

Your buyer's agent will use the MLS to  determine the current market value for homes in the same area. Get your Buyer's Agent realtor to conduct a CMA, comparable market analysis of homes in similar area, square footage, bedrooms, baths, garage , and similar lot size and amenities. This will help in determining what the market values is for the home you are interested in. Your realtor can present your offer to the broker listing the property for Fannie Mae or also called the seller's agent. The seller's agent will require a pre-approval letter from your lender to then present with your offer to Fannie Mae. Fannie Mae does not offer loans direct to consumers. Fannie Mae requires all offers be made by a licensed realtor.

For more information click Buying a Fannie Mae Home

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Russell Realty Team

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