HomePath Financing

HomePath Financing is a special mortgage & Purchase option for Fannie Mae Foreclosures.

When a Fannie Mae Mortgage Property goes into foreclosure, this option of purchasing one of their homes is a great source of information.

As in most programs, you still must utilize the services of a Realtor to bid and purchase one of these homes. However, considering all the various risks and needed skills to bid on one of these properties, why expose yourself needlessly. Utilizing a Realtor will cost you no additional moneies!

As per their Fannie Mae HomePath Financing website page:

  • "HomePath financing, available only on Fannie Mae-owned properties, offers great benefits — low down payment, no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties for both owner occupants and investors — a limited number of HomePath lenders also now offer HomePath Mortgage for the LLC borrower. The HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan. You also can use the financing of your choice from any lender, such as your local bank, credit union or other financial institution."

This program allows both investors and home owners to purchase their properties. They want the program to be fair to all and of course will award to the highest bidder. As a individual trying to purchase a home, this is a great source to look through. The bidding can be done right online with the help of your Realtor.

This program provides for the first 15 days of a bid to be restricted to Owner Occupants only. Investors may not bid during that time period.

Remember, the goal of all of these various programs is to get a house off the foreclosure lists and back into ownership, as quickly as possible - a win-win for the purchaser and the neighborhood as well.

The general guidelines for this particular program can be found here -HomePath Financing

The website page with the listing of available housing is - Find a House

Their Buyers Guide Download (12 pages) is an excellent source of information regardless of the type of Government Program purchasing you are considering.

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