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meagherr
330 Posts |
 Posted - 08/28/2008 : 3:09:57 PM
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I was on the Fannie Mae website today looking at some properties that they have for sale and there is a link on there for 100% financing with no PMI and no appraisal required. I have attached the link for you to look at. My quesiton is how is a lender doing this loan and where are they sending it? It looks like the name of the mortgage company is Instamortgage.com. Has anyone else seen this of looked into it? Thanks
http://www.expresspath.com/info/landscape?cid=18649&jpid=100Finance |
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nowbroker
1364 Posts |
Posted - 08/28/2008 : 3:18:15 PM
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| In the old days, Fannie Mae had special financing for REO's. Maybe they are going back to their old ways? |
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meagherr
330 Posts |
Posted - 08/28/2008 : 3:20:34 PM
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| It just seems really odd because the loan isn't thru Fannie, it is with this instamortgage place. I am sure that we would all like to know how they are doing this... |
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nowbroker
1364 Posts |
Posted - 08/28/2008 : 3:24:27 PM
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I used to work for a savings and loan that processed Fannie Mae repo loans. They had special terms that were only offered on their properties- we porcessed them and then Fannie Mae bought them. We were the only lender available in that area.
This could also just be a rural housing loan. |
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meagherr
330 Posts |
Posted - 08/29/2008 : 06:16:36 AM
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| Good Info, thanks Todd. I know that it isn't USDA as the areas that I was looking in have populations of over 100,000 people. It must be a deal that they have only on their properties. I just wish this product was available for everyone that is wanting to buy a REO property. |
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