Fannie Mae HomePath

Fannie Mae HomePath Financing

HomePath is a special designation given by Fannie Mae to properties in their portfolio that have been foreclosed on. Fannie claims their goal is to sell these properties in a timely manner in order to minimize the impact on the community. Houses labeled with a HomePath tag become eligible for special financing.

HomePath properties for sale – click here

+ Important Facts

- Fannie Mae will not accept contingent contracts on the sale of your home.

- You must use a Realtor® to purchase a HomePath property.

- You can choose your own title company

- Fannie Mae sells properties “as is”.

- Properties listed for sale include single family homes, townhouses and condos.

+ Financing

- 3% down payment on owner occupied properties

- NO mortgage insurance.

- Available for owner occupied and investment properties

- NO Appraisal – Fannie uses the sales price as it’s valuation.

- Eligible for HomePath Renovation Financing

Loan limits up to $729,750 depending on property location for single family homes. Four unit loans available up to $1,403,400 in high cost areas. Minimum credit score is 600 although many investors will not approve loans at this score. Borrower must have 5% of their funds towards the purchase. Seller may offer up to 9% help on CLTV’s less than 75%.

***I have closed these loans in less than 10 days. Understanding the guidelines is key.

Whether you are a first time home buyer or an seasoned investor, I recommend to work with experienced HomePath lending specialist and Realtors® who understand the guidelines and can fully explain your options.

“This may be the best time in the history of the world to purchase a home” – LP

Find out more about Fannie Mae HomePath financing – click here

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