FNMA HomePath Update: It's Going AWAY Soon

Mike - Thanks for the update on FNMA Homepath, which helped many home buyers.

Mike

Thanks for sharing the FNMA Homepath update.

Good luck and success.

Lou Ludwig

Bummer! I guess all good things must come to an end. Thanks for the head's up, Mike. 

By the way, the "Additional information" on your page isn't displaying what you intend, at least not on my computer. I'm sure you haven't noticed or it would have been corrected.

I did not have any buyers that took advantage of the Homepath financing so it won't be an issue for us.

I have to say from the start Fannie has not handled the sale of their REO's correctly. They choose too few agents, gave them all the listings no matter how missing teh service asoect was and left out agents who would have taken the time and put forth the effort to list and sell properties. It was near impossible to get answers or even some to pick up their phones never mond return a message,

Good information to know.  FNMA does help many buyers get their home.

Hi Mike,

Thank you for bringing this information to the attention of AR!  Just to clarify the Fannie Mae HomePath mortgage financing is going away.  The HomePath REOs will still be around for a long while.  

Never had a client use it, so the only thing it should change is the verbiage in the MLS for those REO listings.

I have an agent doing these so thanks for the update.

During our foreclosure market, we did see these properties quite a bit, but it's been awhile. 

I've actually sold a few HomePath properties and it was a good program for buyers who actually WANTED to put in a little sweat equity.  Sorry it's going away.  I thought it was a great alternative to financing a REO home needing a little TLC.

As much as all the hype I've heard about homepath for practically years now, not one of my home buyers ever used it. I'm not a fan of Fannie Mae homes. They renegged on a selling agent bonus once with me. Usually their homes are overpriced anyway. Doesn't make any difference to me come October. lol 

Mike I for one am fine with homepath needing appraisals.  For the last few years if a home was sitting on the market I knew why - it was overpriced and it was a homepath. Buyers aren't going to pay 20 to 30% more than the market will buy. One look at the comps and buyers said bye-bye even if they like the home and area. And they should......not a wise buying choice unless you've got plenty of money to spare. Generally that is not the case with most buyers in this price point.

HomePath is not so common for me and my buyers. However, good to know the changes coming up soon.

Thanks for the update.  Haven't used HomePath so it doesn't affect me, but it's nice to stay in the know. 

Thanks for the update.  Good information.  I have not done a Homepath property recently.

That's an interesting development.  And, this is the first I have heard of it!  It was used quite a bit here in the Greater Sacramento region.  Especially, in the years we were hardest hit after the housing bust.