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.

  • Robin

    Fannie thinks they are being generous with this program PLUS they say no appraisal required. You would do the same think too selling a home that is way over priced. Best thing a buyer could do is pay for an independent appraisal to get the real value.

  • lb

    I find that when cities did their appraisal in 2010, they are very close to the real value of the property. naturally, it's the city's source of income. I also find that invariably Fanny Mae overprices the property 30%-50% .

    Get your own appraisal if you can, if not look at what the city did and who bought what for how much in the area. This too is difficult. The data the sales person- real estate “expert' will give you is always incomplete, always skewed upwards and always list re-possessions for for value of loan(s) on the property as “sale”.

    You want home owner- resident sales only.  These are very few.

  • Bikegoldstar

    Fannie is funny…they overprice the house to pay the closing costs…no free lunch here …

  • IEbuyer

    Keep an eye on homepath homes.  Sometimes they reduce the prices after they have been on the market to offset the money you have to put into them to get them up to snuff.

  • Fritzit

    I bought a homepath in R. Cuc. 11 mo. ago. The “refurbishing” guys hired by the seller stole fixtures & damaged items throughout. 1 year later, I'm still fixing, repairing & replacing what the clean-up crew stole/damaged. I'm posting pictures w/details soon.

  • Research

    I wonder why people in this county are so much more realistic than in LA and OC.
     
    Fanny Mae overprices the houses for sure, about 6months into it it drops. Three-4 times and then they stick to it. Usually it is way too high.

    We gave up on a small house they wanted 235,000 fro, would not budge, sold about 6 week ago, that's 10 months after we tried, for $150,000. We actually offered more.

    Then there is the “refurbish', on all those houses, it tends to be very flimsy at best.

    Ask for a year warranty, you might not get it but try. A year is little but I don't know of anything better.