What is Homepath? Homepath is a program that Fannie Mae developed a few years back to help counter the overflow of properties coming onto the market. Fannie Mae the nations largest owner in home mortgages instituted this Homepath program to streamline the loan process for new home buyers.
Once a home that Fannie Mae owns is foreclosed on the home if not sold at auction will typically come on the market with the Homepath eligible designation. These properties are then allocated to listing agents who will market the property for Fannie Mae.
Fannie Mae has approved certain lending institutions and banks to originate Homepath loans. Gateway Funding is one of the approved mortgage banks that has the ability to lend on this exciting program.
Some of the major benefits available to you are:
Fannie Mae's innovative First Look marketing period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants who occupy the home as their primary residence, some non profits, and public entities and their partners can submit offers and purchase properties without competition from investor offers.
The First Look period is typically the first 15 days a property is listed on HomePath.com, except Nevada where it is 30 days. Properties within the First Look period include a countdown clock on the property details page, which displays the number of days remaining for negotiation with eligible purchasers.
source: fannie mae - homepath.com
To find a Fannie Mae foreclosure that is eligible for Homepath Financing please visit http://www.homepath.com/.
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