HomePath homes are foreclosed homes owned by Fannie Mae. While some are move-in all set, others remain in poor condition and need instant repair work. Learn what Fannie Mae HomePath homes are, how they work, and what you require to do to buy one.
Meaning and Examples of a Fannie Mae HomePath Property
Through the HomePath property program, Fannie Mae sells houses it obtained following foreclosure and deed-in-lieu of foreclosure.
Fannie Mae HomePath homes consist of single-family houses, townhouses, and condominiums. They are usually more inexpensive than non-foreclosure houses and include a variety of noteworthy advantages, including deposits as low as 3% and closing-cost support.1.
How Fannie Mae HomePath Properties Work.
Through HomePath.com, you can view all of the Fannie Mae HomePath residential or commercial properties in addition to in-depth descriptions and recent photos. The website consists of a filter option to help you narrow your search to houses that match your particular requirements. While Fannie Mae might make some repairs on a HomePath property, there’s no guarantee that the house won’t require extra repair work.1.
Keep in mind.
Fannie Mae does not ensure it will do any repair work and restorations, making it crucial to work with a home inspector and acquire a home service warranty, if possible.
If you ‘d like to acquire a foreclosed home prior to it’s offered to investors, Fannie Mae’s First Look program can help you do so. The “first appearance” marketing period lasts 30 days after the residential or commercial property is listed on HomePath.com. Qualified homes on the site have a countdown clock that shows how much time is left to purchase the properties prior to they are opened up to a broader variety of prospective financiers.
You can purchase a Fannie Mae HomePath home with a traditional mortgage. In case you don’t fulfill loan provider requirements for a standard loan, these financing choices might help you buy the house.
HomeReady Mortgage Program: HomeReady might be a good alternative if you wish to buy a single-family home and can fulfill specific income requirements in your location. You may put just 3% down. To qualify, you’ll need to complete the Framework homeownership course.2.
HomePath Ready Buyer Program: If you finish the homeownership course and purchase a HomePath property, you can get approximately 3% back in closing costs through Ready Buyer.1.
Note.
You may participate in both the HomeReady and Ready Buyer programs as long as you qualify. HomeReady loans need a credit score of at least 620, while class attendance is the only requirement for Ready Buyer’s closing-cost support.2.
How to Get a Fannie Mae HomePath Property.
If you decide to purchase a Fannie Mae HomePath property, you’ll need to go through the following steps.
Find a Real Estate Agent.
The initial step is to find an experienced agent you trust. To do so, ask friends and family for recommendations and search evaluations of representatives in your area.
Get Preapproved.
A preapproval letter from a lending institution shows the seller that you have tentative approval for mortgage moneying up to a specific quantity. While preapprovals aren’t required for HomePath homes, they can put you in a better position to close rapidly and enable you to search houses directly in your cost range.
Search HomePath Properties.
Visit HomePath.com to check out the different homes offered to you. You can search by filters like cost, zip code, and variety of bed rooms.
Complete the Buyer Education Course.
The Framework buyer education course covers several subjects related to homeownership and home mortgages. It includes nine modules you’ll need to complete prior to you can acquire a HomePath home. If you register for the HomePath Ready Buyer closing-cost support program, you’ll need to finish the education course before you make a deal on a house.
Send an Offer.
As soon as you finish the required course and find a house you like, your realty representative can submit an offer on your behalf through the HomePath Online Offer portal. If your deal is accepted, your representative will help direct you through the closing procedure. For the most part, the closing process will require you to sign an owner-occupant certification form that guarantees you’ll move into the home within 60 days of closing and use the home as your main house for a minimum of one year.3.
Secret Takeaways.
Fannie Mae HomePath properties are foreclosed residential or commercial properties owned by Fannie Mae.
HomePath houses feature a variety of advantages, such as lower cost points and special funding options.
Due to the fact that the homes are foreclosures, they may need repair work.
To acquire a Fannie Mae HomePath property, you’ll need to deal with a real estate representative and complete a buyer education course.
