What does it mean to buy 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.

Can anyone buy a Fannie Mae HomePath property?

Though you don’t need to be a first-time home buyer to purchase a HomePath home, you need to buy your first property to qualify for closing assistance. Fannie Mae requires that you must not have held any type of homeownership in the last 3 years to qualify as a first-time buyer.

Can you negotiate Fannie Mae HomePath?

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.

Who qualifies for a Fannie Mae HomePath property?

To qualify for a Fannie Mae HomePath loan, you must not have owned a house for the last three years. You are also required to use the HomePath property as your primary residence within 60 days after closing.

Can you buy a HomePath property with cash?

yes. You will still need proof of funds showing you have the cash to purchase the property.

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.

Is HomePath still available?

Homepath loans required no private mortgage insurance (PMI). Today, Fannie Mae still operates a Homepath website, on which it lists foreclosed properties for sale. Editor’s Note: The HomePath program was discontinued in October 2014.

How does HomePath program work?

HomePath is an online program through which you can purchase Fannie Mae-owned properties that are going to be foreclosed. 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.

Can you buy a Fannie Mae HomePath property with a FHA loan?

You can combine both the HomeReady mortgage and Ready Buyer™ program on the same purchase. Fannie Mae’s financing options make it relatively easier to purchase a home than with a conventional mortgage. You can choose the financing option that suits your needs, including FHA, VA and USDA loans, if they make more sense.

Can I buy a house directly from Fannie Mae?

Fannie Mae does not directly sell homes; it only sell homes through real estate brokers. Fannie Mae lists its homes on a Web site called Homepath.com. But buyer beware: Buying a Fannie Mae home is different than a traditional private sale. Fannie Mae’s homes are available to owner occupants as well as investors.