Fannie Mae owns the foreclosure homes that make up HomePath properties. While some are ready for immediate occupancy, others need immediate repairs due to their poor condition. Find out what Fannie Mae HomePath properties are, how they operate, and how to buy one.
Examples of Fannie Mae HomePath Properties and Their Definition
Fannie Mae sells homes it has acquired through deeds-in-lieu of foreclosure and foreclosure through the HomePath property program. There are single-family homes, townhomes, and condominiums among the Fannie Mae HomePath properties. With down payments as low as 3% and closing-cost assistance, they are typically less expensive than non-foreclosure properties and offer a number of notable benefits.HomePath Properties by Fannie Mae Operates
You may browse all of the Fannie Mae HomePath properties on HomePath.com, complete with thorough descriptions and fresh images. You can use the site's filter feature to focus your search on properties that meet your precise requirements. There is no assurance that a HomePath property won't require extra repairs, even though Fannie Mae might make some on it. It is crucial to get a house inspection and, if possible, buy a home warranty because Fannie Mae does not promise that it will complete any repairs and upgrades. Fannie Mae's First Look program can assist you in buying a foreclosure before it is made available to investors. After the home is listed on HomePath.com, there is a 30-day "first look" marketing window. On the website, eligible homes feature a countdown clock that indicates how long buyers have to make an offer before the properties are made available to other prospective investors. A standard mortgage can be used to buy a Fannie Mae HomePath property. These financing solutions may help you buy the house if you don't meet the lender's requirements for a conventional loan. If you want to buy a single-family house and can fulfill certain income requirements in your neighborhood, the HomeReady mortgage program could be a viable choice for you. You are allowed to deposit as little as 3%. You must finish the Framework for Homeownership course in order to be eligible. HomePath Ready Buyer Program: If you complete the homeownership course and purchase a HomePath property, Ready Buyer will pay up to 3% of your closing costs. As long as you meet the requirements, you can take part in both the HomeReady and the Ready Buyer programs. Ready Buyer's closing-cost assistance is the only prerequisite for Ready Buyer's closing-cost assistance, while HomeReady loans require a credit score of at least 620.How to Obtain a HomePath Property from Fannie Mae
The following steps must be completed if you choose to buy a Fannie Mae HomePath property. Search for a real estate agent Finding a seasoned agent you can trust is the first step. To do this, look through evaluations of local agents and get referrals from friends and family. Obtain Pre-Approval Your provisional approval for mortgage funding up to a specific amount is demonstrated to the seller by a preapproval letter from the lender. Preapprovals are not necessary for HomePath properties, but they can help you close more quickly and give you access to houses that are specifically in your price range. View properties on HomePath To learn more about the different properties you have access to, go to HomePath.com. You can narrow down your search using filters like price, zip code, and bedroom count. Finish the buyer education program Numerous subjects pertaining to house ownership and financing are covered in the Framework buyer education course. You must finish all nine of its modules before you can buy a HomePath house. Before you submit an offer on a house, you must finish the education course if you've signed up for the HomePath Ready Buyer closing-cost assistance program. Make an offer Your real estate agent can make an offer on your behalf through the HomePath Online Offer portal once you've finished the necessary courses and found the house you want. Your agent will assist you in understanding the closing procedure if your offer is approved. You will typically be required to sign an owner-occupant certification form during the closing process, stating that you will move into the property within 60 days of the closing and use it as your principal residence for at least a year.main points
- Properties listed on Fannie Mae HomePath are repossessions that belong to the bank.
- Homes from HomePath have a number of benefits, including lower price points and unique financing choices.
- The homes might require renovations because they are foreclosures.
- You must deal with a real estate agent and finish a buyer education course in order to acquire a Fannie Mae HomePath property.
