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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