This is a short excerpt from a recent article we posted on our blog. You can read it in its entirety at Fannie Mae HomePath Program.
Are you in the market for an affordable home and looking for a unique option? Well, have you heard of Fannie Mae HomePath properties? They are foreclosed homes that Fannie Mae, a government-sponsored company that works to provide affordable housing options nationwide, now owns.
But wait, how does it work? If a property doesn’t sell at a foreclosure auction, Fannie Mae may buy it, and then it becomes a HomePath property available for sale to the general public.
Think of it as a second chance for these homes and, for you, a potential affordable home sweet home. Plus, with Fannie Mae backing these properties, you know they’re a good deal. Stay with us as we dive deeper into how HomePath properties work and their benefits.
What are Fannie Mae HomePath Properties?
HomePath properties can include single-family homes, townhouses, and condominiums. They are typically sold in “as-is” condition, meaning the buyer must take care of any necessary repairs or renovations. However, Fannie Mae does provide a HomePath Renovation Mortgage that can help cover the costs of repairs and improvements.
We will be talking about financing options further in this article.
The HomePath Buying Process
Head to the official HomePath website to browse available listings. This user-friendly site allows you to filter your search by location, price range, number of bedrooms and bathrooms, and more. It’s an efficient way to find properties that match your preferences and budget. HomePath properties sell through a network of real estate agents registered with Fannie Mae. You can also work with a real estate agent who has access to the listings.
Step 1: Find an Approved Real Estate Agent
You’ll need a licensed real estate professional to guide you through the HomePath buying process. Your agent can help you find HomePath properties in your area and submit your offer on your behalf. You can ask for assistance with scheduling tours of properties and with any paperwork required for the purchase.