Determining how much home is actually affordable.Ī lot of the Fannie Mae houses that qualify for the HomePath program are in relatively poor shape, and are sold as-is, meaning you are responsible for repairs.This course, which is offered in English and Spanish, is self-directed and covers several topics, such as: If this sounds familiar to you, it could be because it’s quite similar to the HUD program for owner-occupants.įor potential homebuyers, a homeownership education course must first be completed before becoming eligible for the advantages. To encourage individual home ownership above investor ownership, owner-occupants are given an advantage through a program called First Look, which means only buyers who plan to actually live in the home are allowed to bid for the first two weeks of the listing release. Although the Fannie Mae HomePath mortgage program was officially discontinued on October 14 thof 2014, the Fannie Mae HomePath properties are still available around the U.S., and can be seen on their website These houses are targeted towards first-time homebuyers who are just entering the housing market or investors, as the houses are typically sold in As Is conditionĪfter the mortgage crisis Fannie Mae was left with a lot of bank-owned houses, and are now trying to unload them by offering incentives, such as the owner-occupant advantage. That home you’re looking at is a foreclosed house that is owned by Fannie Mae.
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