How do you qualify for a Fannie Mae HomePath property?

How do you qualify for a Fannie Mae HomePath property? In order to qualify for a HomePath home with the 3% down payment and matching closing cost assistance, you can’t have owned a house within the last 3 years and you’re required to use the property within 60 days after closing as your primary residence.

How does Fannie Mae HomePath work?

How Does Fannie Mae HomePath Work? HomePath is an online program through which you can purchase Fannie Mae-owned properties that are going to be foreclosed. Fannie Mae will acquire these properties by a deed-in-lieu—meaning that the homeowner voluntarily gives up ownership of their home to the mortgage company.

What is the minimum credit score for a HomePath mortgage?

620
For a single-family home that is a primary residence, a FICO score of at least 620 for fixed-rate loans and 640 for adjustable-rate mortgages (ARMs) is required.

What credit score is needed for Fannie Mae HomePath?

Homebuyers must also meet minimum credit requirements to be eligible for Fannie Mae-backed mortgages. For a single-family home that is a primary residence, a FICO score of at least 620 for fixed-rate loans and 640 for adjustable-rate mortgages (ARMs) is required.

Can you negotiate a Fannie Mae home?

You can negotiate a Fannie Mae home by making an offer, but as with any home purchase contract, you may lose out to someone who is willing to pay more.

Will Fannie Mae accept low offers?

HomePath Property Price Negotiation In other words, if a property is in serious disrepair, Fannie Mae may be willing to accept a lower price, but you’ll have to put money into the home, so it may not be as good a deal as buying a less damaged home at full price.

Can Fannie Mae foreclosure on my home?

Foreclosure-related activities (except as to vacant or abandoned properties) and evictions of occupants from real estate owned by Fannie Mae are suspended until December 31, 2020. Homeowners impacted by COVID-19 are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months.

Will Fannie Mae HomePath pay closing costs?

Via the HomePath “Buyer Ready” option, buyers who have not owned a home within the last three years can be awarded closing cost assistance of up to 3% of the home’s purchase price. Closing cost assistance is paid by Fannie Mae, and delivered to your closing.