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 Broward
Category:
State:
Multi-State
County:
Broward
Control #:
US-00123
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
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.
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.
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.
Below, we've outlined the steps to buying a FannieMae HomePath property. Find An Approved Real Estate Agent. Finding the right real estate agent can make or break the home buying process. Get Preapproved With A Lender. Look For HomePath Properties. Attend The Buyer Education Course. Submit An Offer.
A HomePath property is a property that was owned and sold by Fannie Mae through a transaction resulting in the disposition of its real estate owned (REO).
Ineligible Properties vacant land or land development properties; properties that are not readily accessible by roads that meet local standards; agricultural properties, such as farms or ranches; units in condo or co-op hotels (see B4-2.1-03, Ineligible Projects , for additional information;
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.
More info
Fannie Mae-approved or Freddie Mac-approved lender programs. Some types of personal property can be included in the sale without impacting the purchase price of the home.Broward County Real Estate Law. Real Estate Contracts, Real estate purchase agreements, Installment (Land) Contracts, Leases with Options to Purchase. FTIC has a glossary to help you better understand commonly used terminology in the real estate industry. The parties involved in a purchase transaction may choose to include personal property items in the contract as a negotiated term of the sale . This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence. How does Personal Property in a Purchase Contract affect Lenders? Why are we talking about it? How does Personal Property in a Purchase Contract affect Lenders?