A HomePath property is a foreclosed property owned by Fannie Mae, a government-sponsored enterprise that provides liquidity to the mortgage market. Fannie Maes HomePath program is designed to sell these properties to the public at a discount. HomePath homes are listed for sale on Fannie Maes HomePath website, which includes a wide range of home types, from single-family homes to multifamily properties.

HomePath properties may be in better condition than other foreclosures because homeowners may give them up through deed-in-lieu. However, some HomePath properties may still need repairs or extensive renovations. HomePath homes are priced below market rate, making them a good option for buyers on a strict budget.

HomePath buyers can purchase homes with cash or use mortgage financing, including conventional, FHA, VA, and USDA mortgage types and portfolio products such as jumbo loans. Fannie Mae offers special mortgage incentives to eligible buyers, including closing cost contributions. HomePath buyers can also take advantage of the HomePath Ready Buyer Program, an online education course that allows them to receive up to 3% in closing cost assistance.

In summary, a HomePath property is a foreclosed property owned by Fannie Mae that is sold to the public at a discount through Fannie Maes HomePath program. HomePath homes are listed for sale on Fannie Maes HomePath website and may be a good option for buyers on a strict budget.