To learn more about Fannie Mae homes, click here
To obtain general information on purchasing a home click here.
To obtain information on preventing foreclosures click here
For additional resources about the home buying process click here.
Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.
Fannie Mae's HomePath database includes only properties that are owned by Fannie Mae. There is a wide selection of homes, including single-family homes, condominiums, and town housesâ€”located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.
Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.
When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.
Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property "as is," which means that the buyer accepts the property "as is." Fannie Mae is not responsible for fixing any problems after settlement.
Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn't mean everything in the house is new, or even works.
Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.
You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.
If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.
Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don't understand or aren't comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you.
No. You may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.
No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.
Fannie MaeÂ does not require a prequalification statement or letter before negotiating an offer. However, by obtaining this statement or letter, you better position yourself toÂ getÂ financing and complete the sales transaction in a timely manner. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.
A loan prequalification doesn't mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.
You may obtain a loan prequalification or a loan pre-approval at the lender of your choice.Â To take advantage of our special financing, we encourage you to work with a HomePath-approved lender.Â To find a HomePath-approved lender in your area, please click here.
Special financing is available on many properties through HomePathÂ® Mortgage and HomePathÂ® Renovation Mortgage. Click here for more information.
No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.
All interested parties may be asked to submit their best offer in writing though the listing agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.
Report possible fraud directly to Fannie Mae via the Mortgage Fraud Resources page on our website, eFannieMae.com as detailed under the report mortgage fraud header. The page contains a direct link to email your report to Mortgagefraud_tips@fanniemae.com. You may also call our Fraud Tips Hotline at 1-800-7FANNIE (1-800-732-6643) to report possible fraud or if you have any other concerns relating to a Fannie Mae-owned property.