Fannie Mae Home - Start Out

Fannie Mae Home - Start Out

Louisville, KY · Member since 2015 · 68 posts · 7 votes
Good Morning everyone, I have a question. So I have been working for the government for 5 years. I make a pretty decent salary (nothing exciting). I haven't purchased a home since I been working. So I see a Fannie Mae property back in my hometown (Alabama) for 26k. I am able to get a mortgage loan for 10 years with 4% interest to acquire the house. My thing is that I may use it for my first home then possible rent it. Do you think this maybe a good route to go. The monthly payment should come to $325. Basically a car note. I don't have a car payment and basically try to live a little frugal. What you think?
0Reply
68 views

Most Popular Reply

Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
10y

Hold up and slow down the train. You are looking at a house you want to purchase as an owner occupied and not actually owner occupy it? That's fraud. Pure and simple. Don't do that.

See this reply in the discussion

35 Replies

Jump to latestLatest
  • Flipper · Orlando, FL · Member since 2013 · 11 posts · 2 votes
    10y
    If the house is under owner occupied depending on your area , that last for 21 days then it goes for open bid to investors ,
  • Louisville, KY · Member since 2015 · 68 posts · 7 votes
    10y
    Andy Robison I will basically be staying in there. I have to do training in our Alabama office. But I also travel so 2 to 3 days I will be there some weeks. Not trying to pull a fraud. But the system we live in is a fraud.
  • Louisville, KY · Member since 2015 · 68 posts · 7 votes
    10y
    Nina Gibilaro can you inbox me
  • Louisville, KY · Member since 2015 · 68 posts · 7 votes
    10y
    Fred Sams can you inbox me
  • Louisville, KY · Member since 2015 · 68 posts · 7 votes
    10y
    Jared R. Can you inbox me?
  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    10y

    @Latravis Brazil, if you say you the property will be owner-occupied, and you do not intend to occupy it, you are committing mortgage fraud. If you do not plan to live there, do not say you will.

  • Louisville, KY · Member since 2015 · 68 posts · 7 votes
    10y
    Mindy Jensen I plan to live in it for 2 years depending if my job has to move me again. But I am trying to see if it is worth purchasing if I know that is a fact in my books. If I stay in it 2 to 3 days a week does it matter.
  • Louisville, KY · Member since 2015 · 68 posts · 7 votes
    10y
    Jared R. Hello Jared. I have a question.
  • Real Estate Investor · Mobile, AL · Member since 2016 · 41 posts · 10 votes
    10y

    I'm here. What ya got?

  • Louisville, KY · Member since 2015 · 68 posts · 7 votes
    10y
    Jared R. Can you inbox me
Join the conversationCreate a free account to reply, vote on answers and follow this thread.