The only way to tell what types of properties are available is to look on the HomePath website and search for the area code of your choice. Sales prices and the number of homes can vary depending on your area. There are a variety of choices, ranging anywhere from condominiums to single-family homes. What is a Fannie Mae HomePath Property?Ī HomePath property is any home that's owned by Fannie Mae as a result of foreclosure. Buyers who don't plan on moving in cannot bid in the first 15 days a First Look Home is listed. Houses listed under First Look™ are new listings that only accept bids from homeowners within the first 15 days of listing. Real estate investors may be able to benefit but they may not qualify for the same financial incentives that homeowners would.įannie Mae also offers a First Look™ program for those who intend to purchase a primary residence. It also offers special financing options, such as the HomeReady® mortgage and HomePath Ready™ Buyer programs. 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. Fannie Mae HomePath is a program that speeds up the process of selling foreclosed homes.
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