What is the HomePath Mortgage Loan Option?
For home buyers with small down payments looking to get a "good deal" on a house, HomePath® can be a great mortgage loan option. This option is for Fannie Mae owned homes specigically. Fannie Mae owns housing stock across the country due to all the foreclosure activity over the last few years. Now the mortgage backer wants to get rid of these properties - it's not in the business of owning homes.
Why does Fannie Mae have properties for sale?
While Fannie Mae works with its partners to help homeowners avoid foreclosure, sometimes foreclosure is unavoidable. When they do occur on mortgages where Fannie Mae is the investor, its goal is to sell those properties in a timely manner in order to minimize the impact on the neighborhood.
How does Fannie Mae sell its homes?
Fannie Mae uses local real estate professionals to prepare, maintain and list our properties for sale. All of its properties are listed on Fannie Mae’s website. Most have photographs, property descriptions and other details like school and neighborhood information. Many of these are HomePath mortgage-eligible.
Do I have to use a special real estate agent?
No. You may work with any real estate sales professional to submit an offer on Fannie Mae properties. However, Fannie Mae only accepts offers through its real estate listing agents. Also, it’s a good idea to pick an agent who has some experience with foreclosure sales.
Fannie Mae also suggests working with a housing counselor. You can also look for financial help that’s available for homebuyers. Buying a home can require upfront cash – often more than people expect. Federal, state, and local governments, and many local and national non-profits, provide assistance to individuals and families looking to purchase a home (especially first time home buyers). Fannie Mae supports this and encourages homebuyers to seek financial help if necessary. A qualified housing counselor is a great resource – he or she will be well versed in the kinds of programs available in your area. To find a qualified housing counselor, check out the HUD website.
Be smart, do your research!
Log on and look around. You can search the Internet to research neighborhoods, types of homes, price, schools, shopping, and other information to help find home that best meets your needs.
A great place to start is the HomePath website. It lists, in detail, all of Fannie Mae’s properties located in neighborhoods across the country. You can even create a personalized search which lets you be among the first to know when a new property is coming on the market in your area. Click on ―Advanced Search and you’ll find a host of ways to search for information. Once you’ve found a home you like, find a HomePath agent on the contact list to make an appointment to visit Fannie Mae properties.
We all have questions when it comes to something new. HomePath is definitely new, and there are a lot of questions that come with it. Potential buyers want to know whether Fannie Mae has made any necessary repairs to the home. Another issue is multiple offers – what does Fannie Mae do when that happens? Fannie Mae is interested in making sales and getting these homes off the market and turning neighborhoods around. This is a common goal shared by AmeriFirst Home Mortgage. AmeriFirst President Mark Jones calls it "an exciting opportunity to help our neighborhoods shed the stigma of foreclosure." With that in mind, Fannie Mae offers a terrific online resource answering all of the questions you may have about HomePath financing. Simply click over to the HomePath FAQ section.
To learn more about HomePath and other home buying options, download "The Only Motgage Loan Options Guide You Need." The free guide at the button below takes you through the different financing available for home buyers in today's market.