Can Fannie Mae reject your purchase offer because….?
they want you to use their homepath loan and you won’t? We had an offer in on a REO and the realtor representing Fannie Mae said their counter offer was that we apply and obtain a Fannie Mae Homepath Mortgage. The fees and interest rate for the HomePath loans are higher than the loan we already secured! This program just came out this month and it isn’t even offered by our trusted loan officer. This doesn’t seem legal! I actually have the email from Fannie Mae’s realtor that says they will not accept the offer unless we use their mortgage. (We are in Ohio if it matters)
We do have our own realtor and this is the email he got:
At this point the seller (Fannie Mae) has basically countered for buyer to contact HomePath Mortgage (see comments below), if buyer decides to stay with current lender than I have to resubmit your offer as a buyers counter offer.
“This home is eligible for HomePath mortgage- as little as 3% down, no appraisal or mortgage insurance is required. This home is also eligible for Homepath Renovation Mortgage to finance light renovations (appraisal required). It is recommended that the buyer obtain a no obligation prequalification letter from a lender offering Homepath Mortgage and Homepath Renovation Mortgage. For more information on participating lenders go to www.homepath.com. Should the buyer decide to remain with the financing on the original offer, resubmit as a counter offer? I will not approve this financing, too costly and difficult to close- buyer needs to go with HomePath financing”