Who qualifies for a Fannie Mae HomePath property?

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. The property must be listed on Homepath.com and be eligible for the closing cost assistance.

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.

What makes a house a Fannie Mae HomePath property?

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.

When do you sign up for Fannie Mae HomePath?

Fannie Mae’s HomePath program includes guidelines and special offers for owner occupants. Owner-occupant buyers must sign an affidavit that certifies they will occupy the home as their principal residence within 60 days of closing and for a minimum one year after purchase.

Are there income limits for a Fannie Mae HomePath loan?

Based on your location, some buyers may be subject to maximum income limits for the Fannie Mae HomePath loan. This could restrict the number of applicants who would be eligible for this type of loan.

When do you move into a Fannie Mae home?

Owner Occupancy Rules. HomePath occupancy rules are purposely simple to encourage buyer activity on homes owned by Fannie Mae. Owner occupants must move in within 60 days after purchase and occupy the home as their principal residence for at least a year.