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Fannie Mae's innovative First LookTM marketing period contributes to neighborhood stabilization by encouraging home ownership. While the former HomePath Financing options have been sunsetted, there are still many excellent lending options for bank owned properties. April 14, 2009 The Fannie Mae HomePath mortgage loan program has started to become more and more popular — people are actually calling and asking about the loan program by name.
The first step to finding out if a property is eligible for HomePath financing is to find it at the HomePath website. The minimum loan amount for the HomePath program is $20,000 (Hi Dean!) so be sure that you are planning to finance at least $20,000. When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Today, Fannie Mae tweaked their HomePath program a bit more by offering three percent in closing cost assistance if eventual home buyers complete an online homeownership course. In order to qualify for the offer, you must be a first-time home buyer, defined as someone who hasn’t owned a home in the past three years.
Additionally, you must purchase a HomePath property, which you can find on their website by conducting a property search, and reside in it within 60 days of purchase. However, if you can find a nice home you like via HomePath this offer can be pretty worthwhile. The new initiative is referred to as the “HomePath Ready Buyer™ Program,” and is offered in conjunction with a nonprofit by the name of Framework Education.
In a nutshell, prospective buyers must complete a 9-module homeowner education course that includes a quiz at the end. Each module takes roughly thirty minutes to complete and can be taken entirely online, and even from your smartphone.
Fannie also boasts that the testing exceeds the standards of both HUD and National Industry Standards for Homeownership Education and Counseling. So you’re probably going to learn a lot about being a homeowner, which is always a plus, and certainly a good way to reduce defaults on the associated mortgages. Once the course is completed, you receive a Certificate of Completion that can be downloaded and then included with an initial offer for the purchase of a HomePath property. The online course does cost $75 upfront, but Fannie says it will be reimbursed if you successfully close on a contract. In order to be eligible, the request for closing cost assistance must be made at the time of the initial offer via the HomePath Online Offers system and can only be submitted on or after April 14, 2015.
If the lender restricts the amount of seller contributions, the credit will be reduced to the allowable amount.
Additionally, it should be noted that home buyers with total closing costs under three percent will not receive the difference as a credit.
Before creating this blog, Colin previously worked as an account executive for a wholesale mortgage lender in Los Angeles.
To be able to sell both single family and condo foreclosures, two loan programs, HomePath and HomePath Renovation, were created.
HomePath provides unique financing options for those home buyers who want to buy a property as a primary residence, such as requiring a very small down payment – as little as 5%.

Because their properties are sold as is and may require improvements, Fannie Mae also created the HomePath Renovation loan program. However, as of October 7 2014, Fannie Mae properties will no longer be eligible for either the HomePath or HomePath Renovation programs, including the option to provide a reduced down payment, not require mortgage insurance or an appraisal, among other details. So what does this mean for loans that are in progress or potential home buyers of Fannie Mae properties? Keep in mind that Fannie Mae has not yet stated the date when your HomePath or HomePath Renovation home loan must close, although January or February 2015 is a possibility. However, even though the two loan programs are ending, Fannie Mae will still provide flexibility and options for those buyers who want to purchase their properties after October 6 2014. If you are unsure whether you are still eligible for a HomePath or HomePath Renovation loan, contact your mortgage lender right away.
For a buyers agents, how great will it be to not hear I wish the owners didn’t paint this room purple and that room lime green! As an added benefit this program does allow for financing of Second homes and Investment properties. The only downside to this program is that it can only be used on Fannie Mae owned properties…but if you are buying or selling a Fannie Mae property these programs are great!
The Washington State Fannie Mae Homepath Program is available for qualified home buyers to purchase a foreclosed homes (REO’s) owned by Fannie Mae.
The Fannie Mae Homepath Program has special incentives for both first time home buyers, investors, and even for consumers looking to buy a second home.
If you would like to search Washington State Fannie Mae Homepath eligible homes, you can CLICK HERE for a direct link.  Also, please let me know if you would like me to refer a qualified Fannie Mae Homepath real estate agent that can help navigate you through the search process. Nationally Recognized Home Renovation Financing Expert, Educator And SpeakerSkip Schenker is an industry expert in FHA 203(k) lending. Enter your email address to subscribe to this blog and receive notifications of new posts by email.
A consortium of industry professionals commmitted to the revitalization of our nation’s housing stock and creating sustainable homeownership. During the First Look period, owner occupants who occupy the home as their primary residence, and public entities can submit offers and purchase properties without competition from investor offers. And the truth is, the HomePath program trend is both growing in popularity and also a great program because Fannie Mae has put some of their (unlimited?) resources behind it.
All properties must be designated on the HomePath website as eligible for HomePath financing. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.
And given the increasing costs of purchasing and running homes with the relatively stagnant incomes, it’s no wonder that foreclosures have become more common in recent years.

HomePath is the name under which Fannie Mae sells their properties, and this name is displayed on their real estate listings. Additionally, it lets those home buyers who wanted a secondary residence or investment property to buy, again, with smaller down payments and other incentives. It lets allows a buyer to purchase and renovate a property with only a single loan and closing, allowing for up to $35,000 in renovations.
If you have been considering purchasing or renovating a home with help from either of these programs, then you need to act quickly. Investors like this program because it allows for them purchase as well as renovate in one simple loan.
Give me a call today and let’s discuss Fannie Mae HomePath Mortgage Loan: The Good, The Bad, The Ugly. Combined with the growing number of Fannie Mae Foreclosures hitting the market and the fact that most are listed well below market value, I believe it is worth your time to look into this program with a Washington State Mortgage Professional. If you are gathering information to purchase a home in Washington State, my Team and I would value the opportunity to assist you along the way!  If you found this link valuable, please feel free to share!
He has completed hundreds of 203(k)s as a Loan Officer and published numerous articles on the subject . When a foreclosure happens on a mortgage where the Federal National Mortgage Association – also known as Fannie Mae – is the investor, they attempt to sell that home as quickly as possible to recoup costs and curtail any negative impact on the area. These improvements can include hardwood flooring, updated plumbing, a new bathroom, or energy efficiency upgrades – in essence, anything that adds value to the property. Firstly, you must have a fully executed contract that is dated either on or before October 6 2014.
Well if that turns out to be the case than you would be crazy not to participate in a Fannie Mae HomePath mortgage. This is why having an option to purchase a foreclosed property under the HomePath program is such a nice option. Properties within the First Look period include a countdown clock on the property details page, which displays the number of days remaining for negotiation with the eligible purchasers.
This is not an offer to lend and we are not affiliated with your current mortgage servicer. As well, your mortgage lender is required to document the mortgage loan with a copy of the property’s listing page that displays the HomePath or Homepath Renovation logo from Fannie Mae’s listing page. Couple this with renovation, the Fannie Mae HomePath Renovation loan, and now you truly have the home you want at a great price and a low down payment. If you wish to purchase and renovate you can still use a HomePath mortgage you would just need to then purchase an appraisal so we could evaluate the “after improved” value. Give your clients the option to do it all and then you will look like a rock star at the end of the day.

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