|FNMA and pseudo-FNMA approval||<– Date –> <– Thread –>|
|From: Judy (BAXTER%EPIHUBVX.CIS.UMN.EDU)|
|Date: Fri, 17 Jun 94 13:35 CDT|
Here's an interesting finance question for you all. The mortgage banker who has been interested in working with us has suggested the following - he (they) work with us to see that we meet the requirements for FNMA loans, and certify to their lenders (I'm not sure what word they use here, for certify, and exactly what that means) that we meet them. Then the lenders check it out, and go ahead as if FNMA approved, but with less cost, paperwork, and bureacratic hassles. My question is - has anybody heard of this? Pitfalls? I wonder how this affects resale - are we tied to this one mortgage lender, etc. Judy Baxter, Monterey Cohousing Community, (MoCoCo) Twin Cities Area, Minneapolis/St.Paul Minnesota e-mail: baxter [at] epivax.epi.umn.edu
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