What is HomePath?

By Liz Clinger Updated on 7/19/2017

HomePath is the brand used for any property that is owned by Fannie Mae. HomePath mortgages give borrowers the option to have mortgages backed by Fannie Mae and offers the opportunity to get a HomePath renovation loan, allowing borrowers to include basic renovations needed to make the home liveable. 

HomePath.com is the website where you can find all of the Fannie Mae HomePath properties available.

What Kind of Homes Can I Find on HomePath.com?

HomePath refers only to properties that are owned by Fannie Mae. Many of these properties are foreclosed homes; and many offer a lower than market price, making HomePath homes an excellent opportunity for first-time homebuyers and investors.

HomePath.com has townhomes, single-family homes, and condominiums available throughout the nation, and are easily searchable by city or county. Some HomePath homes are move-in ready, while others may need to have some repairs done before having occupants moving in.

Why Does Fannie Mae Have HomePath Properties For Sale?

One of Fannie Mae’s biggest goals is to prevent foreclosures from happening through working with housing counselors and mortgage servicers. Sometimes, though, foreclosure is unavoidable.  When a foreclosure occurs on a Fannie Mae property, Fannie Mae does everything possible to sell the property in a time-sensitive manner to reduce the community impact. 

Fannie Mae also acquires properties to sell through deed-in-lieu of foreclosure. This just means that homeowners will give the ownership back to Fannie Mae to be released from mortgage loan payments.

How is Buying a HomePath Property Different from Other Properties?

When purchasing a home that isn’t a HomePath property, you usually are working directly with the seller who currently resides in the home through the use of a real estate agent.  

When buying a HomePath home, you are dealing with homes that may or may not have been lived in recently, as many of these homes are foreclosures, deed-in-lieu of foreclosures, or forfeitures.  

One of the unique factors of purchasing a home through HomePath is that you can get a HomePath renovation loan on approved properties, allowing you to make repairs and upgrades to the home and roll the cost into the mortgage. 

To obtain property from the Fannie Mae HomePath program, you must work with a mortgage lender that participates in the program.