They work with a network of contractors and real estate agents around the country to offer these properties to buyers (See how to find a good real estate lender). So, the HomePath program maintains and in some cases, upgrades the properties to make them attractive to buyers. Fannie Mae is not a property manager but it had to make the foreclosed properties more marketable. However, the US housing implosion left the company with 162,000 houses to sell. Previously, Fannie Mae had never directly sold houses to consumers. This saved the buyers about 1.5% on the annual payout on the property.
Among them was the waiver of the private mortgage insurance (PMI) requirement. Investors and buyers availed of several advantages during the original program. Under this program, Fannie Mae sold the foreclosed properties owned by their institution. What is a Fannie Mae Homepath Property?Ī Fannie Mae HomePath property is a property that purchasers originally bought under the HomePath loan program. The knowledge will give you a good amount of insight on how the government-sponsored entity (GSE) disposes of foreclosed real estate. The original program reduced the cost of purchasing a foreclosed property for personal use or to earn a profit later.Īs a house buyer or investor, it will be good to know everything you can about the HomePath Mortgage program. The HomePath program was actually officially closed in October 2014 but Fannie Mae still operates its website. All products are presented without warranty. Learn more about how we review products and read our advertiser disclosure for how we make money. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This website does not include all card companies or all card offers available in the marketplace. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The product offers that appear on this site are from companies from which this website receives compensation. This website is an independent, advertising-supported comparison service.