Remak Tsien

With help from an innovative program launched in 2004 called HomePath (homepath.com), Fannie Mae has been doing its best to turn lemons into lemonade in the housing market. No one wants a borrower to have their home foreclosed on, but Fannie Mae is using HomePath to find new owners (including down payments as low as 3% for eligible customers).

As of 2021, this program has become somewhat dormant. Fannie Mae has received back many properties in foreclosure, but HomePath is no longer the go-to program in which to manifest purchase. Given this evolving complexity, many consumers are still curious about HomePath.

Interested homeowners are urged to explore the inventory of REO properties on HomePath.com. Here, they can find an exhaustive listing of homes that includes everything from customized searches to detailed photos to helpful descriptions to information on creative financing options designed to make the home purchasing process easier and more affordable.

If you’re new to the concept of Fannie Mae HomePath then you’ll need a primer on foreclosures and how it relates to this program.

First, to clear up some confusion, there is no such thing as a Fannie Mae bank-owned property. Fannie is the real owner, not the bank or mortgage lender.

Additionally, there are many types of foreclosed properties in today’s housing market such as pre-foreclosure, short sales, sheriff sales and so on. They all have their pros and cons but the Fannie Mae HomePath foreclosures come with their own rules, requirements and acquisition process.

Most of the properties eligible for a HomePath listing are properties for which Fannie Mae has provided the mortgage for and is, in essence, the default owner during the period of mortgage repayment.

However, there’s also another scenario where Fannie becomes the owner, through a process known as “deeds-in-lieu of foreclosure” or forfeiture. Here, as a last resort, the owner signs over the property to Fannie Mae, thus relieving them of the loan burden and any damage to their credit report. Homeowners also avoid a lengthy and expensive foreclosure process as well as the potential embarrassment of eviction.

There are a wide variety of homes available to purchase through HomePath and it’s important that you take time to sort through all the listings—including single-family units and condos—and decide which home is right for you. For added convenience, Fannie Mae has created the HomePath mobile app to make searching for your dream home more convenient.

Affordability for first-time homebuyers

For first-time homebuyers, issues of affordability are always front and center. While HomePath homes are almost always less expensive due to their foreclosed status, it’s often helpful to use a mortgage calculator to better determine monthly mortgage costs.

In addition, to give yourself the best chance to make a purchase quickly and beat out the competition, you may also want to seek preapproval. Having a preapproval letter almost always facilitates more financing options and demonstrates to the lender financial competence, trust and seriousness of intent.

Another interesting distinction when it comes to HomePath is that even though it’s a Fannie Mae program, homebuyers don’t have to rely on conventional product loans. HomePath properties can be purchased no down payment requirement.

HomePath also requires the involvement of a Fannie Mae-approved real estate agent to present the offer. Typically, once you’ve decided you’re interested in purchasing a HomePath property, you’ll direct your real estate agent to submit the offer via the HomePath Online Offers System. It’s a seamless, secure online process, but you can’t do it by yourself. An approved real estate agent must be brought in to assist.

Fannie Mae HomePath properties are largely intended for first-time homebuyers (although investors may purchase them as well without the discount incentives). As defined by current law, to qualify for financial assistance it doesn’t have to be your first home purchase ever, but it does have to be at least three years since you’ve last held ownership in a primary residence. Furthermore, you have to agree to move into the property within 60 days of closing and officially make it your primary residence.

Homebuyers looking to lock in an additional 3% off of closing costs, can take advantage of HomePath’s ReadyBuyer program, an educational course created in partnership with Framework, a leading provider of homeownership education. Again, while this program is not widely used today, it is still available.

Upon successful creation of the course, a certificate is provided, thus making the homebuyer eligible for a discount. Fannie Mae realizes an informed homebuyer is a good homebuyer, and this course and related discounts serve to incentivize the accumulation of this knowledge among consumers. ReadyBuyer is only open to first-time homeowners looking to purchase a primary residence,

Acquiring a Fannie Mae property has several benefits, especially as a first-time buyer.

Naturally, as with any property designated as a foreclosure, there are also some built-in risks attached to buying a Fannie Mae Homepath property.

While the number of foreclosures varies from year to year, the flow of people leaving their home due to financial insolvency remains an issue throughout certain pockets of the U.S. However, consumers can take solace that Fannie Mae, where possible, is operating with speed and diligence to sell these properties to deserving individuals and families in order to maintain neighborhood stability.

If you’re a first-time homebuyer looking for a budget-friendly home to settle into, you may want to explore the idea of purchasing a Fannie Mae HomePath property. While an increasingly rare option in today’s market, this program does offer exceedingly reasonable down payments, ample discounts and a large selection of properties throughout the U. S. Finding the “perfect” home is never easy, but HomePath provides a kind of “backdoor” entry into the world of homeownership. For those seeking a starter home, HomePath may be worth looking into.

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