A Fannie Mae HomePath property is a piece of real estate that has been obtained by foreclosure or a deed in lieu foreclosure. HomePath is a program backed by Fannie Mae that allows renters and buyers to purchase foreclosed or distressed homes at significant discounts to fair market value. HomePath homes are typically inexpensive and not guaranteed to be move-in ready, and may require repairs. However, Fannie Mae rehabilitates many of the homes before selling them and offers special mortgage incentives to eligible buyers, including closing cost contributions.

Here are some key things to know about Fannie Mae HomePath properties:

• HomePath homes are foreclosures owned by Fannie Mae.
• There is a wide range of home types available through HomePath, including single-family homes, multifamily homes, condos, townhouses, manufactured homes, and plots of land.
• HomePath homes are sold in "as is" condition, which means that buyers cannot request repairs or renovations when they submit their offer.
• HomePath homes may be more likely to be in a non-prime area.
• Fannie Mae offers several affordable financing options for buyers of its HomePath properties, including conventional, FHA, VA, and USDA mortgage types, as well as portfolio products such as jumbo loans.
• Fannie Maes HomePath Ready Buyer program allows potential homeowners to buy a foreclosed property with as little as 3% down with up to 3% closing cost assistance.

Any home buyer can purchase a Fannie Mae HomePath property, and there are no rules against being a first-time home buyer, making a small down payment, or owning multiple homes. Fannie Maes stated goal is to support neighborhood stabilization, so it prioritizes selling to buyers that plan to live in the homes as their primary residence.