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HECM - Fannie Mae Properties


Use the NEW Fannie Mae Contract/REPA below to make offers - You no longer use an AS-IS and FM REPA -

To Make an offer you must include:

1) Cover Page - MLS attachment

2) The FM REPS - 16 page contract attached

3) LBP (if pre 1978) 

4) Utility Inspection Notice

5) specific forms if attached in the MLS.

Once Completed & signed by your buyers, you must upload your offer to www.HomePath.com with a Pre-Qual letter or Proof of Funds.

 

PLEASE NOTE:

*  These 'HECM' properties do not have an Owner Occupant First Look Period, but the property must be in the MLS for 3 days before an offer can be submitted.

*  Fannie Mae is EXEMPT from paying Transfer/Doc Stamps - Buyer will pay these fees.

* Pre (less than 6-months on the market) - if the MLS Agent Remarks state "THE SELLER MUST COMPLY WITH HUD GUIDELINES 24 CFR 206.125" Fannie Mae cannot accept any offer less than full price.

* Post (more than 6-months on the market) - will have no special language in the MLS Agent Remarks then, Fannie Mae can accept offers outside HUD guidelines.

Fannie Mae Contract
In an effort to make it more streamlined, please use the attached Fannie Mae contract instead of the AS-IS and FM REPA we have used in the past.
Fannie Mae Owner Occupant Certification 7-19

LBP Doc

Utility Inspection Notice

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