The Home Path Mortgage resembles a traditional home loan you might find from a bank. The first program is called the HomePath Mortgage. There are two distinct programs available via HomePath. The HomePath program lets buyers buy Fannie Mae-owned homes with simpler mortgage requirements than with a traditional loan, at. The agency is not designed to “manage properties” so the HomePath program was created to unload the thousands of homes which Fannie Mae had repossessed. The Fannie Mae HomePath program first launched in early-2009 as a way to help Fannie Mae sell homes it had reclaimed via foreclosure. What is the Fannie Mae HomePath mortgage? HomePath is a brand name and refers to foreclosed homes sold by Fannie Mae directly.įannie Mae HomePath is available in all 50 states. To help match foreclosed homes with buyers who want them, then, Fannie Mae offers a special program called HomePath. Since 2006, home buyers have flocked to foreclosed homes as an inexpensive way to purchase property.Įven today, foreclosures remain popular among all buyer types including first-time home buyers, move-up buyers, and real estate investors, as well. For other low-downpayment mortgage programs, see our post Buy A Home With A Low Downpayment Or No Downpayment At All. This post will not be deleted for archival purposes. Today, Fannie Mae still operates a Homepath website, on which it lists foreclosed properties for sale.Įditor's Note: The HomePath program was discontinued in October 2014.
Homepath loans required no private mortgage insurance (PMI). The Fannie Mae Homepath loan is a defunct mortgage program which reduced the cost of purchasing a foreclosed property for either personal use, or to “flip” for profit.
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