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Will Fannie Mae first lien with BofA allow buyer contribution to second lien holder

Posted by Kristen Hanson on April 21, 2011 at 2:40pm in Short Sale Discussions
I have an approval with Green Tree on a second mortgage that requires the buyer to bring money to close that will be disclosed on the hud. The first is with Bank of America and the investor is Fannie Mae. I know some investors allow this and some don't. Does anyone know Fannie Mae's policy?

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Replies

  • Frederick Macias April 25, 2011 at 10:45am
    GreenTree is a spin off of BofA and they should not have a problem with it! I have done at least a couple with the same thing.
  • Judy April 24, 2011 at 3:46am
    Had of B of A 1st and Wells Fargo 2nd.  The 2nd wanted cash contribution, but B of A would not allow it.  It was not a Fanni Mae investor though.  We're in escrow now with the 2nd only getting money from the 1st and no seller contribution.  I showed my Wells negotiator the email response I got back from B of A to prove they would not allow it, so the Wells just accepted the $8K B of A agreed to pay.
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