Homepath Ready Buyer & HomeReady

– FAQs

About Fannie Mae & HomePath

Why does Fannie Mae have properties for sale?

Fannie Mae works with mortgage servicers, housing counselors and other partners to help homeowners prevent and avoid foreclosure. Through KnowYourOptions.com, Fannie Mae offers assistance directly to homeowners so they can understand their options to avoid foreclosure. However, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the owner/investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community. Additionally, Fannie Mae may acquire ownership of properties through a deed-in-lieu of foreclosure – a transaction in which the homeowner (mortgage borrower) voluntarily transfers the ownership of the property (the title and all property associated with it) to the owner of the mortgage in exchange for a release of their mortgage loan and payments.

What is Fannie Mae doing to support the housing recovery and mortgage finance system?

Visit the Fannie Mae Progress site for more on how we enable families to buy, refinance, or rent a home.

What is HomePath?

HomePath is the branding used for all Fannie Mae-owned properties — anytime you see something labeled “HomePath”, it has to do with the sale of our Fannie Mae-owned properties. For example, HomePath.com is our website, where homebuyers and real estate professionals can get detailed information on our listings.

What kinds of properties are available on HomePath.com?

HomePath.com includes only those properties owned by Fannie Mae. Foreclosed properties can represent a great opportunity for first-time buyers, move-up buyers, those looking for a second or vacation home or those looking for an investment opportunity.

There is a wide selection of homes in neighborhoods across the country — from single-family homes to condominiums and town houses. Keep in mind, the number, type and sales price of homes may vary substantially by market as well as the condition of the home. Many are move-in ready, while some may require light repairs or more extensive renovations.

How can I learn more about Fannie Mae homes?

Go to the More Resources section of HomePath.com to learn more.

Where can I find information on foreclosure prevention?

Go to KnowYourOptions.com, Fannie Mae’s consumer Web site to educate distressed homeowners about their options to avoid foreclosure and encourage them to get help.

Who do I contact if I suspect fraudulent behavior on a Fannie Mae-owned property?

Report possible fraud directly to Fannie Mae at [email protected] You may also call our Fraud Tips Hotline at 1-800-2FANNIE (1-800-232-6643) to report possible fraud or if you have other concerns relating to a Fannie Mae-owned property.


Who do I contact for general inquiries about Fannie Mae and its homes?

Please contact the Fannie Mae Resource Center at 1-800-2FANNIE.

About Buying HomePath Homes

How is buying a home owned by Fannie Mae different from other home purchases?

Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed-in-lieu of foreclosure, or forfeiture.

When buying a Fannie Mae-owned home, you should know the condition of the property, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

Has Fannie Mae fixed everything in the house?

Fannie Mae may make some repairs to increase the home’s marketability but other repairs may be needed. Fannie Mae sells each property in “as is” condition, which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.

Keep in mind, even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works. Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.

What can you tell me about this house?

If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.

What type of sales contract does Fannie Mae use?

Fannie Mae uses its own real estate purchase contract for our properties. If there is anything in the document you don’t understand or aren’t comfortable with, you may want to contact a real estate attorney, the real estate sales professional who listed the property, or any real estate professional of your choice to review with you.

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Do I have to use Fannie Mae’s selected title, settlement, or escrow companies?

No, you may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.

Will Fannie Mae accept an offer contingent on the sale of my house?

No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.

Why does Fannie Mae request a lender’s prequalification statement before negotiating a home purchase offer?

Fannie Mae does not require a prequalification statement or letter before negotiating an offer. However, by obtaining this statement or letter, you better position yourself to get financing and complete the sales transaction in a timely manner. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.

A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.

You may obtain a loan prequalification or a loan pre-approval at the lender of your choice.

Does Fannie Mae provide special financing?

Fannie Mae lenders have financing flexibilities* for Fannie Mae-owned properties, known as HomePath® properties, such as:

  • HomeReady® Mortgage – Fannie Mae’s HomeReady is our enhanced affordable lending product. To support sustainable homeownership, HomeReady requires
    homeownership education for at least one borrower when ALL occupying borrowers are first-time homebuyers, regardless of LTV. Buyers can complete an online homeownership course offered by Framework® to fulfill the requirement**.
    This product is not restricted to purchasers of HomePath properties. Click here to learn more.
  • HomePath Ready Buyer Program – Purchasers of HomePath® properties who complete a homebuyer education course are eligible to receive up to 3% closing cost assistance.
    The HomePath Ready Buyer online education course is also provided by Framework. In addition, you can combine both the HomePath Ready Buyer program and HomeReady Mortgage on the same home purchase
    (when purchasing a HomePath® home). Click here to learn more.
  • Interested Party Contributions – this is usually paid by the seller – HomePath properties qualify for expanded eligibility.
  • Multiple Financed Properties – flexibility for a home-buyer who already owns 5-10 financed properties.
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*The above flexibilities are available on all HomePath properties. Consult with your lender on eligibility. All other requirements of Fannie Mae’s Selling Guide apply. For more information on HomePath properties, lenders should see Selling Guide section B5-4-08: Loans Securing HomePath Properties (06/24/2014). See also Announcement SEL-2014-07.

** In certain circumstances, an online format may not be the appropriate option for a potential home buyer and an exception may be necessary.

Exceptions to the Framework course requirement:

  • For loans that involve a Community Seconds® or down payment assistance program, buyers may instead complete the homeownership education course or counseling required by the Community Seconds or down payment assistance program as long as it is provided by a HUD-approved agency and completed prior to closing.
  • The presence of a disability, lack of Internet access, and other issues may indicate that a consumer is better served through other education modes (for example, in-person classroom education or via a telephone conference call). In such cases, lenders should direct buyers to Framework’s toll-free customer service line (855-659-2267), which can refer consumers to a HUD-approved counseling agency.
  • Finally, buyers who have already completed housing counseling prior to entering into a sales contract (as evidenced by a completed Fannie Mae Form 1017) are not required to complete the Framework course.

Can I buy a house directly from Fannie Mae without going through a real estate sales professional?

No, Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.

What happens if Fannie Mae gets more than one offer?

All interested parties may be asked to submit their best offer in writing through the listing agent by a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.

About Selling HomePath Homes

I am a real estate broker. Can I sell Fannie Mae-owned homes?

For more information on becoming a Fannie Mae listing agent, click here.

Where can I get help on the HomePath Online Offers Program?

Please click here to access our help materials including webinars, job aides, and FAQs. If you still have questions, please call our Online Offers User Support Center at 1-866-218-4446.

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