“Fannie Mae acquires these homes out of foreclosure and acts as the seller for the property. Buyers may be able to purchase bigger homes using the HomePath ® portal that they couldn’t afford elsewhere,” Evangelou explains.Īlso, HomePath ® offers exclusive opportunities. “One of the main advantages of purchasing a foreclosed property is that these homes are priced below the market rate. Related reading: Can’t Find a House to Buy? Here’s What to Do, From a Lender’s Perspective Fannie Mae HomePath ® benefitsįannie Mae HomePath ® provides several plusses that make it a valuable portal for home seekers. Note that HomePath ® also includes other active listings of homes for sale not owned by Fannie Mae. “Buyers can find a wide range of home types through HomePath ®, from single-family homes to condominiums and townhomes in various locations across the country,” Evangelou says. These available homes appeal to all types of buyers, including first-time homebuyers, move-up buyers, those seeking a vacation or second home, and investors looking to flip or rent a property.
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You can also use a Freddie Mac conventional loan, or an FHA, VA, or USDA loan.įannie Mae states that its goal with HomePath ® is to “support neighborhood stabilization, which includes prioritizing sales to owner-occupants and selling properties in a timely manner to promote stability and minimize the impact to the local community.” However, you do not need to use a Fannie Mae loan to purchase a Fannie Mae HomePath ® home. “This Fannie Mae program is designed to provide financial assistance and possibly closing cost reimbursement for buyers seeking to purchase and move into a foreclosed home,” explains Jason Gelios, a Realtor in Southeast Michigan. Homes on the HomePath ® portal, which are listed exclusively for sale on, include detailed descriptions, photos, and special financing options that can help prospective purchasers claim an available HomePath ® property. It’s now an online program through which you can search and purchase foreclosure properties owned by Fannie Mae,” says Nadia Evangelou, director of forecasting for the National Association of Realtors. “The HomePath ® program doesn’t provide loans anymore. HomePath ® is Fannie Mae’s online portal that offers real estate-owned properties obtained by Fannie Mae via foreclosure, deed in lieu of foreclosure, or forfeiture.īut HomePath ® used to be the name for Fannie Mae’s HomePath ® mortgage program, which has since been replaced by the HomeReady mortgage loan. What is the Fannie Mae HomePath ® program?