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#Purchase fannie mae foreclosures full

Fannie Mae can also include home improvement costs in your home loan. Fannie Mae loan options are designed especially to help multigenerational home buyers, as well as low- to moderate-income households.įannie Mae HomePath mortgage products allow for innovative underwriting flexibilities (such as counting income from a rental unit or boarder), energy-efficient upgrades, and second mortgages. More owner-occupants are interested in looking at foreclosures than ever before.” Financing a Fannie Mae HomePath propertyįannie Mae has several financing options to help you purchase HomePath real estate. In the meantime, “we’ve built an infrastructure to support the volume that comes, and we’ve changed the perception of foreclosed properties. “We’d love to go out of business,” says Dugger, who admits that’s a long shot. If all goes well, eventually HomePath will have close to zero inventory. “Fannie Mae can see all offers, and we select those that are the highest and best.”

All properties are listed, and all offers are accepted online at, which makes the process “transparent,” Dugger says.

The class explains the fundamentals of buying, owning, and maintaining a home.

Fannie Mae HomePath will pay up to 3% of closing costs, an average of $5,000, for first-time home buyers who successfully complete its six-hour, online homeownership training class.

Investors often gobble up foreclosures before the little guys even know they’re available.

The HomePath program gives owner-occupiers (home buyers who will use the home as their primary residence) 20 days to act before investors.

Advantages of a HomePath propertyĭugger says HomePath properties have three major advantages. If the property doesn’t sell in the first 20 days, then Fannie Mae lets flippers and other investors bid. “We want someone who is moving into the home to stay there and care for it,” Dugger says. So for the first 20 days a property is on the market, Fannie Mae considers only contracts from owner-occupants and nonprofits that help them. But here’s where HomePath properties differ from others.įannie Mae HomePath has a soft spot for owner-occupants who will make a house a home.

#Purchase fannie mae foreclosures full

“No one will want to pay full price for a house that looks like the foreclosure on the street.”Ī local listing agent who has a contract with HomePath then markets the property like any other listing. “We are a huge consumer of paint and carpet to freshen up” the houses, Dugger says. “There’s no upside for us to depress the market further.”Īfter Fannie Mae forecloses on a property (Dugger says they strive to do everything possible to avoid doing so), it cleans the place up, adds some cosmetic flourishes if needed, and spruces up the landscaping to increase curb appeal and make it move-in ready, just like you would.

“It’s important for us not to give away the farm,” says Dugger, correcting a common misconception that the HomePath program has rock-bottom bargains. Fannie Mae has one goal for the 55,000 HomePath single-family homes and condos currently on the market: Get a fair market price for a foreclosed property.