How do you qualify for a Fannie Mae HomePath property?
Fannie Mae requires that you must not have held any type of homeownership in the last 3 years to qualify as a first-time buyer. You must also plan to use your HomePath home as a primary residence, and you need to move into the property in a timely manner, legally, within 60 days of closing.
Is HomePath still available?
Homepath loans required no private mortgage insurance (PMI). Today, Fannie Mae still operates a Homepath website, on which it lists foreclosed properties for sale. Editor's Note: The HomePath program was discontinued in October 2014.
Can I buy a Fannie Mae HomePath property with an FHA loan?
Fannie Mae offers a few financing options to help those who want to purchase a home, but may not be able to do so through a conventional mortgage. ... You can choose the financing option that suits your needs, including FHA, VA and USDA loans, if they make more sense.
How do you buy a Fannie Mae property?
If you decide to purchase a Fannie Mae HomePath property, you'll have to go through the following steps.
- Find a Real Estate Agent. The first step is to find an experienced agent you trust. ...
- Get Preapproved. ...
- Browse HomePath Properties. ...
- Complete the Buyer Education Course. ...
- Submit an Offer.
What is the Fannie Mae website?
Why did I get a letter from Fannie Mae?
The letter identifies your mortgage servicer—the company responsible for collecting your monthly payments on our behalf and providing customer service. It also lists resources we offer to inform and assist you, especially if you ever have a financial hardship or need help recovering from a natural disaster.
Who qualifies for Fannie Mae?
Fannie Mae guidelines for conventional mortgages
| Fannie Mae guideline type |
Minimum requirement |
| Credit score |
620 |
| Total debt-to-income ratio |
Cannot exceed 45%, with some exceptions up to 50% |
| Cash reserves |
Up to six months, depending on credit score, down payment amount, DTI ratio, occupancy type and property type |
9 more rows
•
Jan 16, 2021
How do I contact Fannie Mae about foreclosure?
If the property or mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, you should contact them directly before involving FHFA: Fannie Mae can be reached at 800-232-6643 or Fannie Mae's website. Freddie Mac can be reached at 800-373-3343 or Freddie Mac's website.
Does Fannie Mae lend money?
Fannie Mae is a government-sponsored enterprise that makes mortgages available to low- and moderate-income borrowers. It does not provide loans, but backs or guarantees them in the secondary mortgage market.
Who are Fannie Maes customers?
We make sure affordable housing is accessible to homeowners, homebuyers, and renters across the country and achieve this with the help of our housing partners. They include mortgage lenders and servicers, housing counselors, real estate agents, and other industry professionals.
Is Fannie Mae legit?
Fannie Mae is a government-sponsored enterprise (GSE) that purchases mortgage loans from smaller banks or credit unions and guarantees, or backs, these loans on the mortgage market for low- to median-income borrowers.