Fannie Mae / Discrimination against Veterans
It has come to my unfortunate attention that Fannie Mea is grossly discriminating against any veteran who attempts to purchase any of the plethora of REO homes they currently have on the market.
It’s so bad that if you contact either of the relevant federal organizations (VA Regional Home Loan Center or Fannie Mea Regional Offices) both organizations will admit (unofficially cause they do not want to go on the record) that you cannot use a VA Home Loan financing to purchase a Fannie Mea or Freddy Mac (or HUD) repossessed property.
The sentiment is carried down to the local level with the local real estate agents so a Vet trying to get a fair shake is handicapped by the local Real Estate Agents being poisoned against him.
I personally am in the process of losing my first home purchase because Fannie Mea (or their local Estate Agent who may have other motives), simply will not give me an extension, to allow me the time I need to make the repairs required by the VA Appraisal for the financing.
I think this is ironic since Fannie Mea, and their local Real Estate Agent, did allow for a previous extension to allow for a contractor they hired to do some repairs on the property (negotiated by the same Buy/Sell agreement they agreed to use VA Financing on) before the VA Appraiser even had the opportunity to inspect. the same repair contractor has the same last name as Fannie Mae's local real estate agent. The same contracter that I later found out had let his State of Montana licenses and insurances expire. As well as the business license in the city for which the repairs where made.
I guess I have a bias because my hopes of my first time home purchase is going down the tubes … But this whole deal smells really bad in every aspect … Especially on the larger level as two federal agencies seem to be unofficially in conflict with each other … VA –vs- Fannie Mea …
I would be willing to share all documentation concerning this issue including my Buy/Sell agreement with Fannie Mae that planely indicates I am seeking VA financing.
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