This program helps keep communities afloat before too many negative events can pull them apart.įor more information on HomePath homes, or to find out about any of our other home loan services, speak to the experts at Community Lending Group today. Rebuilding Communitiesīy selling these homes primarily to people who will live there and become an ingrained part of the neighborhood, Fannie Mae is making a concerted effort to rebuild communities before they can crumble. Fannie Mae also often offers financial incentives like low down payments and flexible mortgage terms on some properties. How do you qualify for a Fannie Mae HomePath property Buyer must be a First-Time Homebuyer (did not own a property in the past three years). They’ll only accept bids from owner occupants for the first 15 days to allow bidding without competition from investors.įor this reason, these homes can be very attractive for first-time homebuyers or people who want a larger home. What are the Advantages of Buying a Fannie Mae Property Fannie Mae knows that homes that look run down and have no curb appeal won’t sell. While Fannie Mae owns the properties, offers are made through licensed real estate agents. Again, this is all about community impact. It manages homes that have come back to Fannie Mae through foreclosure. Preferences and Attractionsįannie Mae prefers to sell these homes to buyers who are planning to live in the home themselves, rather than investors who are looking to rent or sell the home. Many of these homes are move-in ready immediately, while others might need light renovations. You must have a real estate agent or realtor to buy a HomePath home. HomePath homes are usually more affordable than standard-market homes, but theyre also sold in as-is condition. Fannie Maes Ready Buyer program can help you buy a home with as little as 3 down. The listing agent for these homes has added a Coming Soon note to alert buyers in advance. HomePath homes are foreclosures owned by Fannie Mae. A foreclosure can have significantly damaging effects on a neighborhood or community, though, so Fannie Mae looks to flip them back around as quickly as possible. Coming Soon listings are homes that will soon be on the market. The BasicsĪs we noted above, there are certain times where foreclosure on a home is unavoidable. At Community Lending Group, our programs include HomePath mortgages – here are their basics and a few things to know. There’s a wide selection of homes in neighborhoods across the country. When foreclosures do happen on Fannie Mae home loans, however, Fannie Mae looks to sell the properties in short order to new owners to minimize the negative impact on the community – and this is where the HomePath program comes in.Īll properties owned by Fannie Mae are listed on, along with pictures and descriptions. As one of the leading financial institutions in the world, Fannie Mae works with mortgage companies and other partners to help homeowners avoid foreclosure.
One of the worst possible situations for a homeowner is a foreclosure on a home.
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