You can still use a local buyer’s agent to help guide you on the path.įinding a real estate agent in your area will help you locate properties and put your offer through the right channels. These are the steps that a buyer can expect to take when seeking a Fannie Mae HomePath property.Īs we stated earlier, you must submit your offers through the approved Fannie Mae listing agents. Still, there are unique requirements designed to ensure the buyer has the tools and knowledge they need to maintain possession of the property. The company wants to get these homes on the market and sold as fast as possible to help the person defaulting on the loan as well as the first-time buyers. The Fannie Mae HomePath approval process is designed to be stringent and fast. Steps for Getting Approved for Fannie Mae HomePath Every type of property, buyer, and mortgage can alter subtle details that Fannie Mae representatives will need to review with the home buyer. These requirements are the broad strokes involved with the program. So, if you are trying to sell your current home to buy the new property, the homeowners will not remove the home listing and hold it on your behalf.
However, the as-is condition of the home can disqualify the VA and USDA loans from being used because of the stipulation that the home must be ready to move into.Īn important thing to keep in mind about the HomePath program is that they will not accept any contingent offers. Closing assistance is only available to first-time buyersīuyers will find that the program accepts many types of mortgages such as FHA, USDA, VA, and conventional.
You must move into the home within 60 days after closing.Your HomePath property must be a primary residence.Or you cannot have owned a home in three years.Some other crucial requirements of the program include: However, buyers can use their local agents to help set up their offer for the Fannie Mae representative. One requirement of the program is that any offers must be facilitated by a Fannie Mae listing agent. Once the current homeowner and Fannie Mae arrange a deed-in-lieu, the home is put up on the HomePath homepage, where buyers on the market can view the property. The HomePath program is designed to price homes competitively in hopes that they will not last long on the market. When a buyer obtains one of these properties, they receive the home in the condition it was left by the previous owner.Īs one can imagine, this situation is not perfectly suited for every buyer, but it offers people the ability to get a range of property types, all the way from a fixer-upper to one that is turnkey and ready to move into. The HomePath properties tend to be sold as-is unless the property meets the criteria for Fannie Mae to repair the property before it is listed on the market. Typically, sellers and buyers must go through a lengthy process of inspections and repairs before the home can be put on the market. Since the criteria for HomePath properties are narrower than typical homes for sale, it may be a challenge to find these properties in some areas.Īnother thing that makes a Fannie Mae HomePath property unique is the condition of the property. Those properties come in many forms including: When someone defaults on a Fannie Mae mortgage, the company obtains the property as collateral for the loan. What is a Fannie Mae HomePath Property?Ī Fannie Mae HomePath property is one owned by Fannie Mae due to a foreclosure. The Fannie Mae HomePath program is an option that can help first-time homebuyers and others obtain a house with a smaller down payment and other financial benefits. While their finances may be in good shape, it’s too difficult for them to put aside the 20% that many creditors require.įortunately, there are some options available for those people that want to purchase a home. Are you familiar with Fannie Mae HomePath? People trying to buy their first home are often faced with the reality that the down payment required is significant.
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