Fannie Mae - Does Purchase need to be with Cash

[Tyler Standish]

Hi,

I am looking to do my first flip and found a house owned by Fannie Mae that has been on the market for almost 3 months.  My question is does a Fannie Mae property need to be purchased with cash?  I would be doing a conventional mortgage (I do have pre-approval letter from lender).

Thanks!

[Lou Migliaccio]

As long as the House has a kitchen and operating bathrooms you should be ok. If the roof is collapsing and the house is filled with mold then no.