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How do you qualify for a Fannie Mae HomePath property?

Fannie Mae signAre you having a tough time finding a home? Did you check out the HomePath homes owned by Fannie Mae? The Federal National Mortgage Association, also known as Fannie Mae is a privately owned corporation that is backed by the federal government. Fannie Mae was created during the Roosevelt administration in 1938 during the Great Depression. The purpose of Fannie Mae is to provide mortgage money to banks and large loan originators. After settlement, Fannie Mae reimburses the lender for the loan and takes ownership of the mortgage. Unfortunately, some home buyers and homeowners who have refinanced their mortgage are forced to surrender their home to Fannie Mae with a deed-in-lieu foreclosure or a straight foreclosure. A deed-in-lieu foreclosure occurs when the homeowner voluntarily gives up control of the property.

Fannie Mae offers their foreclosed properties through the HomePath program. The HomePath listings may be viewed online at HomePath.com.

Buying a Fannie Mae HomePath property

The first step in purchasing a HomePath house is to obtain mortgage pre-approval. Fannie Mae will allow for FHA, VA, USDA, and conventional mortgages. A pre-approval letter from the lender is not required when making an offer.

The HomePath program only accepts offers from Fannie Mae approved listing agents, although, non-approved selling agents can work with the listing agent to submit your offer. Home buyers are required to sign an affidavit that they intend to occupy the home within 60 days as owner occupants if the buyer(s) are not investors.

Upon acceptance of the offer, the home buyer has Home 10 days to have the home inspected if requested.

A home sale contingency is not allowed.

Surprisingly, Fannie Mae does not have a set earnest money amount.

Home buyers have the first shot at purchasing the Fannie Mae foreclosures under the First Look™ program. The initial offer period is 15 to 20 days. If no offers are accepted, Fannie Mae will allow investors to bid on the property.

HomePath Ready Buyer™

First-time Home buyers and prospective home buyers who have not owned a home in three years who complete the HomePath Ready Buyer online education course by Framework and purchase a HomePath property can receive up to 3% of the sales price for closing costs.

The home buying class is a six-hour, online homeownership training class that explains the fundamentals of buying, owning, and maintaining a home. Home buyers can combine both the HomeReady mortgage and Ready Buyer™ program for the purchase. No mortgage insurance is required with the HomeReady mortgage.

Rotating question markFrequently Asked Questions About The HomePath Program

Q. Can I buy a Fannie Mae HomePath property with an FHA loan?
A. Yes

Q. Can investors buy Fannie Mae HomePath property?
A. Investors are permitted to bid on HomePath properties after the First Look period