The name Fannie Mae sounds like a person, but it is just the acronym for the Federal National Mortgage Association (FNMA).

Carla Toebe is a licensed Real Estate Broker in Richland, Washington.

She has been an active real estate broker since 2005, and founded the real estate agency CT Realty LLC in 2013.

She graduated from Washington State University with a BA in Business Administration and Management Information Systems.

A majority of the mortgages in the United States are controlled by Fannie Mae and Freddie Mac, two governmentally-controlled financial agencies.

This article is not designed to walk through all the steps of general home buying.

There are numerous resources available online that can explain that process for you.

The link will show you pictures of the house, a map to see its exact location, details about the property, and contact information for the listing agent.

If you find a property that interests you online, you can contact that agent directly and arrange to see the house.

If you are already working with your own real estate agent, then your agent can make this contact for you.

Once you have identified the property, buying a Fannie MaeFreddie Mac property is not much different than buying any other property, except that instead of an individual private seller who decides whether your offer is acceptable, it will be a representative of Fannie MaeFreddie Mac.

Therefore, a cash sale may be your only option in some situations, or you may be able to get a home rehab loan depending on your credit score, the value of the home, your down payment amount, and whether or not you will be occupying the home.

Foreclosed properties that are offered for sale by Fannie Mae or Freddie Mac are sold through their online programs, HomePath.com and HomeSteps.com.

These listings have special programs that may help you.

Reviewing those sites regularly will keep you informed on the most current incentives.

Fannie Mae offers an educational program for first-time home buyers, to learn the process of buying a home from Fannie Mae.

Buyers who complete the program can earn a discount on the closing costs of their purchase.

This program allows buyers who intend to occupy the property as their primary residence exclusive opportunities to negotiate and purchase foreclosed properties for 20-30 days before other investors have a chance.

This gives these residential buys an advantage in making offers and negotiating the best deals.

Freddie Mac properties undergo a special process when multiple offers are received from different buyers for the same property.

A cut-off time is set, and any offers that are submitted before that time are entered into a database.

When the time is reached, the best eligible offer is accepted.

It is important, therefore, to make you best offer first dont try to lowball and hope to negotiate.

Freddie Mac Homes For Sale