Personal Property On Purchase Agreement Fannie Mae In Palm Beach - Contract for the Lease of Personal Property

State:
Multi-State
County:
Palm Beach
Control #:
US-00123
Format:
Word
Instant download

Description

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".


Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
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FAQ

Limits on the Number of Financed Properties Subject Property OccupancyTransactionMaximum Number of Financed Properties Principal residence Transactions other than HomeReady loans No limit Principal residence HomeReady loans DU and manually underwritten - 2 Second home or Investment property All DU - 10

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.

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 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.

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.

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;

In general, personal property is not included in a real estate sale. On closing day, these personal items are expected to be removed from the home.

More info

Proceeds from the sale of personal assets are an acceptable source of funds for the down payment, closing costs, and reserves. We've built new products, services, and processes (and replaced old ones).We have empowered consumers to improve their ability to buy, rent, and keep a home. Some types of personal property can be included in the sale without impacting the purchase price of the home. A heating system is not required in the following south Florida counties: Broward, Charlotte, Collier, Dade, Glades, Hendry, Lee, Martin, Monroe and Palm Beach. My agent received the paperwork and has yet to forward it to me. This topic contains information on multiple financed properties for the same borrower, including: Limits on the Number of Financed Properties. This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence.

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Personal Property On Purchase Agreement Fannie Mae In Palm Beach