Fannie Mae's HomePath program can help you in the following ways:
1. Properties typically have a "First Look" period where only owner-occupant buyer offers willbe accepted. This means you won't have to compete with investors.
2. There is typically no appraisal needed on these properties. This can be a good or bad thing depending on how you look at it - but as long as you are comfortable with the valuation your agent is giving you - the lender doesn't require the property to appraise out.
3. You can purchase with a low down payment, and not be required to pay mortgage insurance. You will however, pay a higher interest rate (which is currently tax deductible, however).
There are some other programs and "perks" that Fannie Mae/Freddie Mac offer - like HomePath Renovation financing (you can roll the cost of improvements into the loan up to a certain amount), and HomeSteps. Contact a mortgage professional who can go over all the pros and cons of each with you. Hope this helps!