#BUYING FANNIE MAE FORECLOSURES MAC#
You can also use a Freddie Mac conventional loan, or an FHA, VA, or USDA loan.įannie Mae states that its goal with HomePath ® is to “support neighborhood stabilization, which includes prioritizing sales to owner-occupants and selling properties in a timely manner to promote stability and minimize the impact to the local community.”
However, you do not need to use a Fannie Mae loan to purchase a Fannie Mae HomePath ® home. “This Fannie Mae program is designed to provide financial assistance and possibly closing cost reimbursement for buyers seeking to purchase and move into a foreclosed home,” explains Jason Gelios, a Realtor in Southeast Michigan. Homes on the HomePath ® portal, which are listed exclusively for sale on, include detailed descriptions, photos, and special financing options that can help prospective purchasers claim an available HomePath ® property. It’s now an online program through which you can search and purchase foreclosure properties owned by Fannie Mae,” says Nadia Evangelou, director of forecasting for the National Association of Realtors. “The HomePath ® program doesn’t provide loans anymore. HomePath ® is Fannie Mae’s online portal that offers real estate-owned properties obtained by Fannie Mae via foreclosure, deed in lieu of foreclosure, or forfeiture.īut HomePath ® used to be the name for Fannie Mae’s HomePath ® mortgage program, which has since been replaced by the HomeReady mortgage loan. What is the Fannie Mae HomePath ® program?
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