Home Buying in Tucson>Question Details

Kc Czech, Home Buyer in Tucson, AZ

what is a homepath property, can it be purchased the regular way via an agent and an offer?

Asked by Kc Czech, Tucson, AZ Thu Aug 18, 2011

Am discouraged but continuing to look for a house in Tucson. Keep seeing homepath listed on the sales ad, what does this mean? Is it different from auction.com type places. thanks

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11
The Fannie Mae Homepath program is now called the HomeReady program. We typically send our clients to Home Loans For All for programs like this and others. Their customer service is great. I will include a link to them on here. Hope that helps anyone out looking for more info.
28 votes Thank Flag Link Sat Jan 2, 2016
I see that the responses all mention that it is a Fannie mae program. You may also see Home steps which is a similar program for Freddie mac properties. Just wanted you to understand, that both Fannie and Freddie are government programs, meaning that these are government owned and government foreclosed homes. The Homepath program is a government loan with various incentives. That wasnt made clear earlier. Frequently, these programs are extended or modified with special "sale" like provisions. Check the websites at the time of making an offer to see what specific deal you are making an offer under.
Since the Seller pays your agents fees, it is a good idea to use an agent since he or she can answer your questions for you and negotiate your purchase at no expense to you.
Thanks for Asking.

Doug Seemann
520-370-8907
3 votes Thank Flag Link Thu Aug 18, 2011
Home Path properties can only be purchased through an agent. Consult with your agent and as well with an attorney if you do not understand the legal terms of the REO addendum - http://ForeclosureIQ.com
2 votes Thank Flag Link Fri Aug 21, 2015
Hi Sisterpine,
Homepath homes are foreclosed homes owned by Fannie Mae. The home does not require an appraisal, does not have monthly mortgage insurance included in the payment, and requires a 3% down payment. Mortgage qualifying does require a 660 credit score and allow a 45% debt to income ratio. Many times Fannie Mae will accept a FHA purchase offer which has more liberal qualifying.
If you have any futher questions about qualifying please contact me.
1 vote Thank Flag Link Thu Aug 18, 2011
Can u buy these home with cash in full payment?
Flag Wed Jul 1, 2015
A HomePath property is a property owned by Fannie Mae. Although there are always some minor differences when buying a bank-owned property vs. a normal sale, for the most part they are the same.

Definitely different from a property auction site.

Link below for more details.
1 vote Thank Flag Link Thu Aug 18, 2011
Hi Sisterpine,
We meet again,
HomePath homes are Fannie Mae owned homes vs. Bank owned foreclosed homes. They waive the appraisal requirements and only require a 3% down payment for an owner occupied home purchase.
0 votes Thank Flag Link Mon Dec 12, 2011
Can a homebuyer who qualifies for the homepath program put 15-20% down instead of the 3%?
Flag Wed Mar 28, 2012
HOMEPATH has nothing to do with HUD.
Homepath is Loan Program for Fannie mae Forclosed homes.
They require 3% down, w/no appraisal, w/no PMI
And the Down Payment can include Loans (2nd) and/or Grants, (many don't)

Good luck and may God bless
0 votes Thank Flag Link Mon Dec 12, 2011
Ron, with the Homepath loan program can I get a home loan for more than the asking price to help take care of renovation costs? A home we are interested in probably needs a new roof and a ton of updates.
Flag Thu Jan 7, 2016
Ron, with the Homepath loan program can I get a home loan for more than the asking price to help take care of renovation costs? A home we are interested in probably needs a new roof and a ton of updates.
Flag Thu Jan 7, 2016
homepath mortgages are mortgages for HUD-owned properties
0 votes Thank Flag Link Mon Dec 12, 2011
Dear Sister:

These are foreclosed homes owned by Fannie Mae. Fannie Mae homes do not require a bank appraisal if financed through Fannie Mae and have a lower 3% downpayment than FHA.

Fannie Mae often has programs such as paying for buyer closing costs going on from time to time.

Yes, your Real Estate agent would submit the offer to Fannie Mae for you.

Auction.com has homes liquidated by different parties with online bidding. However, there is a pre bidding period where you can submit an offer through your Realtor.

If you have any questions, just ask.

Jeff Masich
HomeSmart Realty
Arizona Homes and Land
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Thu Aug 18, 2011
Homepath is a Fannie Mae program. Most Fannie Mae owned homes are sold through this program. They usually have special benefits and offers for buyers and agents. You should treat a Homepath home the same way any other bank-owned home.

Here is a link to the Homepath website -> http://www.homepath.com

Your REALTOR can help you submit offers to Homepath homes the same way he can submit to any other home.

Good luck!

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
Realty One Scottsdale
0 votes Thank Flag Link Thu Aug 18, 2011
Fannie Mae owned & usually means there are some incentives for buyers, using (pre-qualified) with FHA. Yes, any agent can work these. I would make sure that they have experience with REO's (foreclosures). Good luck.
Spirit
0 votes Thank Flag Link Thu Aug 18, 2011
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