What is 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.

What are the requirements for a Fannie Mae HomePath loan?

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.

Are Fannie Mae properties negotiable?

Through HomePath.com, Fannie Mae sells homes they own that have gone into foreclosure. You can negotiate a Fannie Mae home by making an offer, but as with any home purchase contract, you may lose out to someone who is willing to pay more.

How do you get a HomePath home?

How to Purchase a Fannie Mae HomePath Property Finding HomePath Properties. You can also use the map and zoom in on areas with Fannie Mae homes for sale. Making an Offer on a HomePath Home. You’ll need a licensed real estate agent to make a bid on the Fannie Mae HomePath home for you. Understanding the Home’s Condition. Purchase Contract Contingencies.

Can you purchase a HomePath home with a FHA loan?

For all buyers, it is now possible to secure financing from a HomePath home with a Federal Housing Administration (FHA) loan or a Veterans Affairs (VA) loan. These separate federal programs have additional advantages to help prospective buyers save more on the monthly cost and initial outlay of funds necessary to purchase a new home.

What is a HomePath mortgage and what does it do?

The standard HomePath mortgage is meant for buyers who are purchasing the foreclosed property to be their primary residence; and for homes which are generally move-in ready. The second HomePath program is called the HomePath Renovation Mortgage.

Does a HomePath mortgage require PMI?

Many HomePath properties are still available at 5% down, although private mortgage insurance (PMI) will be required. The additional cost will be minimal. While HomePath loans did not require PMI, they typically came with higher interest rates.