What does HomePath property mean?

HomePath homes are foreclosures owned by Fannie Mae. Fannie Mae’s Ready BuyerTM program can help you buy a home with as little as 3% down for first-time homebuyers. … HomePath homes are usually more affordable than standard-market homes, but they’re also sold in as-is condition.

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Similarly, who qualifies for a Fannie Mae HomePath property?

Buyer must be a First-Time Homebuyer (did not own a property in the past three years). Buyers must reside in the property as their primary residence within 60 days of closing. Individual buyers using public funds are eligible. Tenants residing in tenant-occupied properties are eligible.

Herein, can you negotiate price on HomePath property? The offer is only binding if both parties accept. I have bought a number of Homepath homes. Generally, they will not make major price concessions. There is probably a 5-10% price negotiation window for Homepath homes, depending on how long they’ve been on the market.

Secondly, how do I make an offer on a HomePath property?

Make an Offer

  1. Locate the property you’re interested in by using the Search box located on the Home page.
  2. Once you’ve located the property, click on the property photo, and then click ‘View More’ to access the listing details page. …
  3. Click the Make an Offer button on the details page to proceed with your offer.

What is the minimum credit score for a HomePath mortgage?


How long does it take to close on a Fannie Mae HomePath property?

45 days

Does Fannie Mae HomePath pay closing costs?

HomePath “Ready Buyer” Pays Your Closing Costs

The Fannie Mae HomePath program is an excellent way for buyers and real estate investors to find homes for sale at a discount. … Closing cost assistance is paid by Fannie Mae, and delivered to your closing.

Does HomePath financing still exist?

Homepath loans required no private mortgage insurance (PMI). Today, Fannie Mae still operates a Homepath website, on which it lists foreclosed properties for sale. Editor’s Note: The HomePath program was discontinued in October 2014.

Can anyone buy a Fannie Mae property?

Fannie Mae’s homes are available to owner occupants as well as investors. … Once you find a home that you would like to buy, you must submit a written purchase offer through a licensed real estate agent. Fannie Mae will consider standard contract contingencies such as financing, appraisal or home inspection.

How do you become a HomePath?

Registration Process: Agents and Brokers can register online on HomePath.com under the Real Estate Professionals tab. Registering with Fannie Mae assures that you will be notified when Fannie Mae is looking for new real estate professionals in your area.

How does Fannie Mae HomePath work?

HomePath is an online program through which you can purchase Fannie Mae-owned properties that are going to be foreclosed. Fannie Mae will acquire these properties by a deed-in-lieu—meaning that the homeowner voluntarily gives up ownership of their home to the mortgage company.

Can you buy a HomePath home with FHA loan?

Borrower Eligibility

(HomePath properties purchased with an FHA, USDA or VA loan are not eligible for the incentive).

How long does it take HomePath to respond to an offer?

24 hours

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