Realtor · Moorestown, NJ · Member since 2019 · 86 posts · 24 votes
I just saw a property that was listed as a Fannie Mae HomePath property. I thought this program was closed in 2014. So I wonder how much of the funding it still available. Has anyone bought these properties before and what was your experience? What’s the cap on the Reno budget? I’m assuming it’s like a 203K but for bank owned properties.. any help would be great.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
7y
@Corey Kenney I think you might be having this confused with something else maybe? The HomePath program is just foreclosed properties that Fannie Mae has. There will always be foreclosed properties....just more available or fewer available depending upon what is going on in society/economy.
What the HomePath program is NOT is financing. You would have to secure your own financing separately. The HomePath is just the foreclosed properties that Fannie Mae has available. You can purchase one with any lending options that you see fit...just like a normal home or a normal "foreclosed" home. I hope all of this makes sense but let me know if you have any other questions. Thanks!
Realtor · Moorestown, NJ · Member since 2019 · 86 posts · 24 votes
7y
@Andrew Postell
Andrew thanks for clarification. My comment was based on a quick google search where there was a link to info regarding HomePath mortgage financing which stated that it was a program that was closed in 2014 that was put in place for Fannie Mae properties that required light to moderate rehabs, Where the loan covered both the purchase and the renovation. I guess you can’t believe everything you read?