Anyone with a clean credit slate and a livelihood can check out FNMA foreclosure listings and become home owners. This American dream is available to everybody through FNMA or Fannie Mae foreclosures but it particularly favors first time buyers who plan to reside in the property.

What is the Federal National Mortgage Association?

The FNMA is a government-backed business entity operating in the secondary mortgage market. The company’s mission is to enable home loan providers more capital to keep offering mortgages to the general public. What Fannie Mae does is to purchase closed mortgages and offer them back through foreclosure homes. Buyers can check with their real estate agent or broker for homes being offered through Fannie Mae loans. They can also consult online FNMA foreclosure listings for leads on cheap homes.

Anyone wanting to purchase Fannie Mae foreclosed properties should first learn how this process works. Fannie Mae only deals with agents or brokers which they certified. If you consult any listing of Fannie Mae homes it will have the contact information of the property manager to deal with. Before making contact be sure you have been pre-approved by any bank or lending company. A pre-approval certification is a requirement when making an offer for Fannie Mae homes. You have to make sure that you plan to make the home your primary residence as Fannie Mae gives priority to owner-occupiers.

There are other government grants and assistance programs you can apply for to further lower down you financial exposure. These grants can be applied to your down payment or your closing costs. Fannie Mae also permits buyers to use donations or a cash gift as down payment for the home. With all these advantages, buyers should not fail to check out FNMA foreclosure listings when considering distressed properties as they are the lowest priced homes you can ever find in the market today.