Fannie Mae

I don’t like Fannie Mae right now. We’re trying to buy a house. Everything looked to be in place, and kaboom! it’s not any more. Here’s the deal:

  • The appraisal on the house was “fair” condition.
  • The bank we’re using resells their loans to Fannie Mae.
  • Fannie Mae doesn’t like houses without good appraisals.
  • The bank can’t give us a loan because of this.

Our credit is good, there’s no problem there. Unfortunately, the resale market on loans doesn’t look at that. They just look at the house that’s backing the loan.

We have a deadline to try and get this deal done (June 9th or before), so now it’s panic time. Time to find a bank that will not resell the loan, but keep it “in-house”.

to be continued…

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