Fannie Mae Covers Closing Costs on HomePath Properties

As part of their neighborhood stabilization program, Fannie Mae is offering buyers’ assistance through a couple of different programs, HomePath and First Look.

HomePath

HomePath helps buyers buy covering their closing costs, up to 3.5% of the home’s purchase price.

To qualify, buyers must be purchasing a HomePath property; this is a home that is owned by Fannie Mae, usually as the result of a foreclosure or owner forfeiture.  Buyers need to make the initial offer on the home on or after June 14, 2011, and the purchase must close by October 31, 2011; initial offers made prior to June 14 are not eligible.

First Look

In addition to HomePath program, Fannie Mae also offers an edge to buyers hoping to purchase a primary residence (as opposed to investors, or buyers looking for a second home). Under the First Look program, only offers from primary-residence buyers will be considered during the first 15 days that a Fannie-owned REO property is on the market.

Redfin agents and partner agents are always available to help you make a purchase on a Fannie Mae-owned property.

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  • Ravi

    Fannie mae keeps the prices of properties near to other properties for sale , for the first 15 days, don't get fooled into buying from them during that period.

    • BryanHowell

      Hey Ravi,

      Thanks for the comment. Out of curiosity, I did a random check of some HomePath homes in the Denver area, and all five did show price drops, usually about a month after each home was initially listed.

      As with any home purchase, the best policy is to make your choice based on your own needs and finances. If you can wait for a home to come down in price, you can save a lot of money. And if someone else scoops it up, you'll probably have other options to fall back on.

  • Eric

    After the first 15 days, how long does the listing run for everyone else?

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