Does Fannie Mae negotiate on foreclosures?
Can you negotiate Fannie Mae HomePath? Through HomePath.com, Fannie Mae sells homes they own that have gone into foreclosure. 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.
Can I buy a house directly from Fannie Mae?
Fannie Mae does not directly sell homes; it only sell homes through real estate brokers. Fannie Mae lists its homes on a Web site called Homepath.com.
How do I contact Fannie Mae about foreclosure?
Contact the Fannie Mae Resource Center , or call 800-2FANNIE (800-232-6643), Option 4, if Fannie Mae owns your mortgage or for more information about a Fannie Mae lender.
How do you qualify for a Fannie Mae HomePath property?
To qualify for a Fannie Mae HomePath loan, you must not have owned a house for the last three years. You are also required to use the HomePath property as your primary residence within 60 days after closing.
How do you bid on a Fannie Mae HomePath property?
Making an Offer on HomePath Just find one you’re comfortable working with and point them in Fannie Mae’s direction. If you’re interested in a property, your agent will have to register as an agent on HomePath. There is a blue Make an Offer button with each listing that your agent can use to submit a purchase offer.
What happens when Fannie Mae foreclosures?
When foreclosures arise on mortgages in which Fannie Mae is the owner/backer, or when properties are acquired through deeds in lieu of foreclosure or forfeiture, Fannie Mae attempts to sell the properties in a timely manner to minimize potential impacts on the community.
How do Fannie Mae foreclosures 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.
How long do you have to live in a Fannie Mae home?
Fannie Mae requires that you must not have held any type of homeownership in the last 3 years to qualify as a first-time buyer. You must also plan to use your HomePath home as a primary residence, and you need to move into the property in a timely manner, legally, within 60 days of closing.
Where is Fannie Mae headquarters?
Washington, D.C.Fannie Mae / Headquarters
How do I get in touch with Fannie Mae?
If you have questions or need assistance, you can always contact Fannie Mae directly. Call 800-2FANNIE (800-232-6643) and select Option 1 for Single Family, and then select Option 1 again for Technical Application assistance.
What credit score is needed for Fannie Mae HomePath?
620
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.
How much of a down payment do I need for a Fannie Mae loan?
3%
Down payment. Fannie Mae’s HomeReady® and standard loan programs require only a 3% down payment for a single-family home. You can use your own funds or get a gift donation from a family member. To buy a second home or an investment property, you need a down payment of 10% and 20%, respectively.