What’s HomePath? HomePath is the branding used for all Fannie Mae-owned properties — anytime you see something labeled “HomePath”, it has to do with the sale of our Fannie Mae-owned properties.
For example, HomePath.
com is our website, where homebuyers and real estate professionals can get detailed information on our listings.
Can anyone buy a HomePath property? You must have a real estate agent or REALTOR® to buy a HomePath home. You must also complete Fannie’s Ready BuyerTM online course before you submit an offer for a HomePath home. Buying a foreclosure comes with risks, including no guarantee of the home’s condition.
Who qualifies for a Fannie Mae HomePath property? Buyer must be a First-Time Homebuyer (did not own a property in the past three years).
Buyers must reside in the property as their primary residence within 60 days of closing.
Individual buyers using public funds are eligible.
Tenants residing in tenant-occupied properties are eligible.
What does it mean when a property is a Fannie Mae HomePath? A Fannie Mae HomePath property is a house that’s being sold directly by Fannie Mae to an investor or a traditional buyer. There are two situations in which Fannie Mae ends up owning a house. One is if the house has gone through foreclosure and Fannie Mae owned the mortgage on it.
What’s HomePath? – Related Questions
How long does it take to close on a Fannie Mae HomePath property?
The standard closing period for HomePath buyers using NSP and other public funding assistance is 45 days, according to Fannie Mae. HomePath buyers then can expect to close on their properties anywhere from shortly after Fannie’s offer acceptance up to 45 or so days later.
Does HomePath accept low offers?
Financing for HomePath Homes
Does HomePath pay closing costs?
HomePath “Ready Buyer” Pays Your Closing Costs
What credit score do you need for Fannie Mae HomePath?
Fannie Mae offers financing for HomePath properties through its network of approved mortgage lenders. In general, Fannie Mae requires a minimum FICO credit score of 620 to qualify for its mortgage loans, but the qualifying requirements may vary according to down payment amount and individual home buyer circumstances.
Does HomePath financing still exist?
The Fannie Mae Homepath loan is a defunct mortgage program which reduced the cost of purchasing a foreclosed property for either personal use, or to “flip” for profit. Today, Fannie Mae still operates a Homepath website, on which it lists foreclosed properties for sale.
Can anyone buy a Fannie Mae property?
Fannie Mae’s homes are available to owner occupants as well as investors. Once you find a home that you would like to buy, you must submit a written purchase offer through a licensed real estate agent. Fannie Mae will consider standard contract contingencies such as financing, appraisal or home inspection.
How do I make an offer on a HomePath property?
Make an Offer
Locate the property you’re interested in by using the Search box located on the Home page.
Once you’ve located the property, click on the property photo, and then click ‘View More’ to access the listing details page.
Click the Make an Offer button on the details page to proceed with your offer.
How do you become a HomePath?
Registration Process: Agents and Brokers can register online on HomePath.com under the Real Estate Professionals tab. Registering with Fannie Mae assures that you will be notified when Fannie Mae is looking for new real estate professionals in your area.
Can you buy a HomePath home with FHA loan?
Borrower Eligibility
Does Fannie Mae allow seller carry back?
For loans backed by Fannie Mae, the main requirements are that the seller carry mortgage must have a minimum term of five years (which will reduce monthly payments), have a minimum interest-only payment, and meet market rates.
How long does HomePath take to respond to offer?
within 24 hours
Are you wondering how long it takes to get a response on a HomePath® offer
Is Fannie Mae FHA?
The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a approved lender. The Fannie Mae loan has a higher credit score requirement at 620 to 640 which is higher than the FHA loan.
How much should I offer on Fannie Mae foreclosure?
While Fannie Mae generally sells homes at between 92 and 100 percent of the asking price, you must negotiate to take off 8 percent from the price.
What is a HomePath Renovation Mortgage?
HomePath Renovation Financing Guidelines
Will Fannie Mae make repairs?
Fannie Mae may make some repairs to increase the home’s marketability but other repairs may be needed. Fannie Mae sells each property in “as is” condition, which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.
Is there closing cost assistance?
Oftentimes, closing cost assistance is offered by local or state housing commissions authorized by the U.
S.
Department of Housing and Urban Development (HUD).
But assistance can also come from nonprofits and private mortgage lenders.
Home buyer aid is often geared toward low- and moderate-income home buyers.
What is the First Look program?
First Look™ Program Details
