What is Fannie Mae HomePath?

HomePath is a special designation given by Fannie Mae to properties in their portfolio that have been foreclosed on. Fannie claims their goal is to sell these properties in a timely manner in order to minimize the impact on the community. Houses labeled with a HomePath tag become eligible for special financing.

Important Facts

- Fannie Mae will not accept contingent contracts on the sale of your home.

- You must use a Realtor® to purchase a HomePath property.

- You can choose your own title company

- Fannie Mae sells properties “as is”.

- Properties listed for sale include single family homes, townhouses and condos.

+ Financing

- 3% down payment on owner occupied properties

- NO mortgage insurance.

- Available for owner occupied and investment properties

- NO Appraisal – Fannie uses the sales price as it’s valuation.

- Eligible for HomePath Renovation Financing

What is Shadow Inventory? (VIDEO)

Shadow inventory is a newer concept – a product of the recent financial crisis and housing crash. It’s a concept we all (in the real estate industry) have had to learn and understand. It actually affects everyone, because the shadow inventory will play a big role in the housing recovery. Depending on how the shadow inventory is handled will determine how quickly (or not) the housing market will rebound. Watch and see what all the fuss is about.

Buying a Short Sale or REO Property (VIDEO)

I have so many clients and people telling me that they want to buy short sales and REO properties, because they want a “deal.” And I get that. Everyone wants a deal. But as I learned in ECON 101, there is no such thing as a free lunch. And the same holds true for these distressed properties. This video explains how the purchase process is different with short sales and REOs, and why it is important to know what to expect before writing offers on these types of properties.