Fannie Mae also offers incentives like flexible mortgage terms and low down payments for some properties. This means that first-time homebuyers, or those looking to purchase a bigger home for less will most likely benefit. The homes on HomePath are priced competitively, since Fannie Mae’s goal is try and sell off these properties quickly. The HomePath program only accepts offers from Fannie Mae approved listing agents, but you can work with a local agent to help you submit an offer to the listing agent. Once a home is listed on the HomePath website, you work with a real estate agent to tour the home and make an offer. Fannie Mae will acquire these properties by a deed-in-lieu-meaning that the homeowner voluntarily gives up ownership of their home to the mortgage company. HomePath is an online program through which you can purchase Fannie Mae-owned properties that are going to be foreclosed. What is a Fannie Mae HomePath Property?.If foreclosures happen, Fannie Mae HomePath helps to sell the properties as quickly as possible to help minimize the impact on defaulting homeowners.

This helps Fannie Mae in its mission to help homeowners avoid and prevent foreclosure by working with organizations-such as housing counselors and mortgage companies. Remember, these are previously foreclosed properties, so it makes sense that they’re in areas hit the hardest by the mortgage crisis.Fannie Mae HomePath is a program that speeds up the process of selling foreclosed homes. Be sure not to get in over your head just because you think you’ve found a great deal.Īnother potential downfall - browsing the HomePath website, it is quickly evident that practically none of the properties are in highly sought after regions of Missouri. A serious consideration is how you will get that work done without underestimating the costs and time involved. You could be looking at a house with damages such as broken pipes, or potentially stepping into a home that has been completely stripped by vandals.

Determining how much home is actually affordable.Ī lot of the Fannie Mae houses that qualify for the HomePath program are in relatively poor shape, and are sold as-is, meaning you are responsible for repairs.

This course, which is offered in English and Spanish, is self-directed and covers several topics, such as: If this sounds familiar to you, it could be because it’s quite similar to the HUD program for owner-occupants.įor potential homebuyers, a homeownership education course must first be completed before becoming eligible for the advantages. To encourage individual home ownership above investor ownership, owner-occupants are given an advantage through a program called First Look, which means only buyers who plan to actually live in the home are allowed to bid for the first two weeks of the listing release.

Although the Fannie Mae HomePath mortgage program was officially discontinued on October 14 thof 2014, the Fannie Mae HomePath properties are still available around the U.S., and can be seen on their website These houses are targeted towards first-time homebuyers who are just entering the housing market or investors, as the houses are typically sold in As Is conditionĪfter the mortgage crisis Fannie Mae was left with a lot of bank-owned houses, and are now trying to unload them by offering incentives, such as the owner-occupant advantage. That home you’re looking at is a foreclosed house that is owned by Fannie Mae.

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