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I was not able to close today, because Wells Fargo (HomePath Loan) saw a $1200 fee that Fannie Mae's Asset Management is paid. Wells Fargo is asking for an invoice. This is a contractual agreement so there is no invoice.  Therefore, Seller won't sign HUD and Wells Fargo won't approve HUD.

 

Has anybody dealt with this issue?

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I must respectfully disgree with George's interpretation of Fannie Mae's First Look Initiative. First off, this program will only owner occupant and governmental entities to purchase AND they can purchase with any type of financing options that they desire....including 20% down. In fact, I have a buyer purchasing one of my Fannie Mae properties with 20% down. She's an owner occupant purchaser and she submitted her offer during the initital 15 days of market time. This program was enacted in an attempt to stabilize neighborhoods and it's actually working in my area. It's not meant to prevent investors from competing in the market, but it does encourage owner occupancy in neighborhoods that have been negatively impacted by waves of foreclosures. Besides, a majority of Purchasers in my area are either conventional or FHA buyers.

How did you get around the seller/Fannie Mae not wanting to sign the HUD?

I think the processor did not know what they were doing and finally figured it out. It was like the loan officer. never done fannie mae before and neither had the processor. The seller signed once processor or bank figured out that no invoice was needed.
Congrats on the closing.
Thanks Brandon!

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