Fannie Mae / HomePath has done their part in having the property appraised, they know what it is worth. Your offer was more than likely, "Dead on Arrival". I would suggest having your Agent make another offer closer to the List Price (IF you are able to qualify for that amount).
Last month I closed on a Fannie Mae HomePath home. My Buyer offered full price, and it was accepted right away. The property was listed as "Move-in-Ready", but when we had the Home Inspection done, there were about 10 repairs that were noted on the report and we put about 7 items on our Addendum to Address Concerns of the Property, and Fannie Mae fixed them all.
Give it another try.
What you are experiencing is normal with offers to Fannie Mae. As the seller they want to ensure they get the highest and best offer on their homes and they follow a procedure to attain that. Your agent if only the selling agent only gets limited information so don't blame your agent. Even the listing agent of the property is not given much information. If you are asked for your highest and best offer be sure to give it your best (that means they have multiple offers on the property) because you may only get one chance. . Your agent can help you with this. You can go on the Fannie Mae (Homepath.com) website for further information.
If you would like, I have no problem calling to check the status for you.