Definition
Fannie Mae's program selling foreclosed properties through agents, with favorable terms and owner-occupancy incentives.
Not sure where this fits?
Answer a few questions and we’ll open the path that fits, at the right step.
Find my pathAbout this term
HomePath sells Fannie Mae-owned REO properties with incentives for owner-occupancy. Properties are sold below market value with renovation grants up to 6% of purchase price. Down payment options include 3% conventional or FHA. Credit score requirements are flexible. Properties attract owner-occupant buyers. Competitive bidding may occur. Repairs and condition vary. HomePath properties are listed on multiple listing services. Program reduces investor competition and benefits owner-occupants.
Pro Tip
HomePath properties often offer good value for owner-occupants; review inspection reports carefully.
Example
A HomePath property sold below market value with 5% renovation grant available to the owner-occupant buyer.