Does anyone have any experience using the Fannie Mae 3% down loan (My Community) to purchase a condo? If so, are there restrictions regarding the property?

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Jenna Dixon, 55 & Over | New Constructions | Horse Farms (Momentum Real Estate Group LLC)

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Rainmaker
2,538,789

Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

Your Mortgage Consultant for Life

Good morning Jenna. We do this product, they are a challenge, but if that is the only way to get them done, the effort needs to be made.

Make it a great weekend!

May 29, 2015 08:06 PM

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Rainer
425,743

Caroline Gerardo

Licensed in 20 states - Newport Beach, CA

C. G. Barbeau the Loan Lady nmls 324982

51% owners no lawsuits fidelity insurance of two million, same type of conventional condo requirements for a standard Fannie - Spirit Messingham this is not an FHA product - we have a Fannie and Freddie 97% conforming- Radian is preferred MI company. Our in house condo review team does all the legal work. As a listing agent get the HOA management company on the phone, and perhaps a Board member to find out before you accept offer. LAwsuits are public record in Georgia look here: http://www.cobbsuperiorcourtclerk.org/courts/ for any names similar to your HOA

May 29, 2015 05:14 AM

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Rainmaker
3,075,066

Tony and Suzanne Marriott, Associate Brokers

Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ

Coldwell Banker Realty

I do not

Feb 09, 2018 04:02 AM

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Rainmaker
292,735

Jack Lewitz

Exit Strategy Realty - Evanston, IL

Fannie Mae does not have PMI but rates are a little higher so that's the trade off.

May 29, 2015 11:23 AM

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Rainmaker
634,582

Kathleen Luiten

Resort and Second-Home Specialist - Princeville, HI

Kauai Luxury Ocean Home Sales

Yes and we have no problem other than the usual FHA process. BUT you need to research which condos are on the FHA list in your area. I keep a copy of those that qualify on file and get it updated every 6 months by my preferred mortgage broker.

May 29, 2015 10:32 AM

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Rainmaker
699,327

Chris and Dick Dovorany

Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL

Broker/Associate at Premiere Plus Realty

I agree with Spirit. It would be easier for you to look until you find a condo that is in the HomePath network.

May 29, 2015 04:52 AM

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Rainmaker
175,664

Spirit Messingham

Tierra Antigua Realty - Tucson, AZ

Third Generation Full-Time Realtor® 520 471-6900

Good luck trying FHA on a Condo, there are only 7 condo complex's in Tucson that are on the FHA approved list, condos and FHA loans dont mix well.

May 29, 2015 04:10 AM

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Good morning Jenna. We do this product, they are a challenge, but if that is the only way to get them done, the effort needs to be made.

Make it a great weekend!
51% owners no lawsuits fidelity insurance of two million, same type of conventional condo requirements for a standard Fannie - Spirit Messingham this is not an FHA product - we have a Fannie and Freddie 97% conforming- Radian is preferred MI company. Our in house condo review team does all the legal work. As a listing agent get the HOA management company on the phone, and perhaps a Board member to find out before you accept offer. LAwsuits are public record in Georgia look here: http://www.cobbsuperiorcourtclerk.org/courts/ for any names similar to your HOA
Fannie Mae does not have PMI but rates are a little higher so that's the trade off.
Yes and we have no problem other than the usual FHA process. BUT you need to research which condos are on the FHA list in your area. I keep a copy of those that qualify on file and get it updated every 6 months by my preferred mortgage broker.
I agree with Spirit. It would be easier for you to look until you find a condo that is in the HomePath network.
Good luck trying FHA on a Condo, there are only 7 condo complex's in Tucson that are on the FHA approved list, condos and FHA loans dont mix well.