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Fannie Mae Retires HomePath Mortgage Programs

Posted on October 7, 2014 by Gloria Matthews in Articles, Blog, Buy A Home, Home Buying, Real Estate News
Fannie Mae Retires HomePath Mortgage Programs Effective October 6, 2014, Fannie Mae (FNMA) will retire its HomePath Mortgage and HomePath Renovation Mortgage products. The HomePath.com site, created for realtors working on short sales of Fannie-owned properties, will also be shut down. homepath mortgage
Homebuyers purchasing Fannie Mae HomePath properties, or with HomePath loans in process with PRM, must:

  • Have an executed purchase contract dated on or before October 6, 2014
  • Close and fund their loans by November 21, 2014; no extensions

HomePath Mortgage programs were well known for their low down payment, and no appraisal or mortgage insurance requirements. While Fannie Mae is retiring these programs, they are making some similar financing features available for all loans secured by a Fannie Mae REO property.

Zero Down / Grant programs are still available and Renovation Mortgages are also available,  ONLY the Fannie Mae loans on HUD homes has retired.  Call your realtor or ask your lender for details on available programs.

 

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