Is a HomePath Property Right for You?
Jan 7, 2013
Fannie Mae works with mortgage companies, housing counselors and other industry partners to help homeowners with Fannie Mae loans avoid foreclosure. However, some foreclosures are unavoidable— when they do happen, Fannie Mae’s goal is to sell these properties within a short time to new owners to minimize the impact on the community. And that’s where HomePath comes in…
All Fannie Mae-owned properties are listed on HomePath.com, complete with photos and descriptions. HomePath lets visitors enter or choose simple parameters (like price range and number of bedrooms) to find matching properties.
There is a wide selection of homes in neighborhoods across the country—from single-family homes to condominiums and town houses. Many are move-in ready while some may need light or more extensive renovations.
Wanted: New Homeowners
According to Jane Severn, a marketing director in the Real Estate Asset Management group, Fannie Mae prefers to sell HomePath properties to buyers who will live in the home, as opposed to investors who plan to rent or sell the home. “When the home is listed, we will only accept bids from owner occupants for the first 15 days,” explains Severn, “so they can bid on the property without competition from investors.” The countdown of days left is displayed with the property listing on HomePath.
Because these homes are competitively priced, they often attract first-time buyers, homeowners who want a larger home, or retirees looking to consolidate. In addition, Fannie Mae offers financing incentives, such as a low down payment and flexible mortgage terms, for some of the properties. Incentives include the HomePath Mortgage for move-in ready properties, and HomePath Renovation Mortgage for homes requiring light to moderate renovation.
Ready, Set, Home!
For more information, view the HomePath Buyer's Guide or listen to our podcast series. When you’ve zeroed in on properties you’d like to visit, work with a local real estate professional to tour the homes, discuss your local housing market, and put together your offer. Your real estate professional can submit purchase offers right on the HomePath site.
“By selling each home to a buyer who will enjoy the home and become part of the neighborhood, we’re helping to rebuild struggling communities—one home and one family at a time,” notes Severn.