Why does Fannie Mae request a lenders prequalification statement before negotiating a home purchase offer?
Fannie Mae does not require a prequalification statement or letter before negotiating an offer. However, by obtaining this statement or letter, you better position yourself to get financing and complete the sales transaction in a timely manner. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range. A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted. You may obtain a loan prequalification or a loan pre-approval at the lender of your choice. To take advantage of our special financing, we encourage you to work with a HomePath-approved lender. To find a HomePath-approved lender in your area, please click here.
Related Questions
- I see lots of other products that offer the same information. Why should I purchase the DIY HOME SOLAR POWER manual and not one of the others?
- Why does Southeast Bank Properties require a lenders prequalification statement before negotiating a home purchase offer?
- Why does Fannie Mae require a lender’s pre-qualification statement before negotiating a home purchase offer?
