On this page
- What is a Fannie Mae HomePath property?
- Who can buy a Fannie Mae HomePath home?
- How to buy a HomePath home, step by step
- Financing a Fannie Mae HomePath home
- HomePath Ready Buyer and other closing cost help
- Pros and cons of buying a HomePath home
- HomePath vs. HUD homes and other foreclosures
- What happened to the HomePath mortgage?
- Tips for buying Fannie Mae foreclosures
- Fannie Mae HomePath FAQ
- Your next step
A Fannie Mae HomePath property is a home Fannie Mae owns after a foreclosure or a deed-in-lieu of foreclosure and sells through its HomePath.com listing site. Anyone can buy one through a real estate agent, with cash or any mortgage the home qualifies for. However, owner-occupants get the first chance to make offers during a 30-day First Look period. The special HomePath mortgage ended in 2014, so today’s buyers use standard financing.
This guide covers what the label means, who can buy, how offers work and which loans fit an as-is home. My Mortgage Insider is not affiliated with Fannie Mae. Because Fannie Mae can change its terms, confirm current terms on HomePath.com before you make an offer.
What is a Fannie Mae HomePath property?
HomePath is the name Fannie Mae uses to market and sell its real estate owned (REO) homes. REO simply means the lender took the home back after a loan failed. So a “HomePath” or “Fannie Mae owned” tag tells you who the seller is. It tells you little about the home’s condition or price.
Not every listing on HomePath.com is a HomePath home
HomePath.com also shows other homes on the market. Check for the HomePath label, because the offer process below applies only to Fannie Mae-owned homes. For any other listing, contact the listing agent directly.
Condition varies, and every home sells as-is
Fannie Mae says many of its homes are move-in ready, while some need light repairs or more extensive renovations. It also says it repairs most of its inventory, and its vendors must find and fix safety hazards. Even so, it sells each property in “as is” condition and does not warrant any work.
Because it never lived in the home, Fannie Mae may also lack details on hazards. It says it shares what it knows through its listing agents. Prices vary by market and condition as well, and the HomePath pages we reviewed advertise no set discount.
Because Fannie Mae wants proof of financing before it accepts an offer, it helps to compare lenders early.
Who can buy a Fannie Mae HomePath home?
Anyone can buy, although your place in line depends on how you will use the home.
| Buyer | When an offer is allowed |
|---|---|
| Owner-occupants | From the day the home is listed |
| Public entities, their partners and some nonprofits | From the day the home is listed |
| Second-home buyers | After First Look ends |
| Investors, including LLC-only buyers | After First Look ends |
How the First Look period works
First Look lasts 30 days and starts when the listing appears on HomePath.com. A countdown clock on the property page shows the days left. You do not need to be a first-time buyer, since the test is whether you will live in the home.
When the clock runs out, investors can make offers too. If a home still does not sell, Fannie Mae may move it to an online auction run by a third party.
What owner-occupants promise
Owner-occupants sign an Owner Occupant Certification with the contract. You promise to move in within 60 days of closing and to live there for at least one year. Buyers with rehabilitation financing can follow the lender’s timeline instead. A false certification can cost you $10,000 in damages, plus attorney fees.
Small investors should note one more rule. If the only buyer named is an entity such as an LLC, Fannie Mae treats the deal as an investor purchase.
How to buy a HomePath home, step by step
Before you make an offer
- Search HomePath.com. Look for the HomePath label and the First Look icon, then register so you can track your offer.
- Get your financing proof ready. Fannie Mae requires a prequalification letter or proof of funds before final acceptance. A mortgage preapproval letter can cover this if your lender includes the details the contract asks for.
- Hire a real estate agent. Offers on HomePath homes go through agents, and only registered buyer’s agents can submit through the online system. The FAQ gives no route for a buyer to submit without one.
- Tour the home. Use “Schedule Tour” on the property page.
From offer to closing
- Submit the offer online. Your agent enters the price, loan details and closing date. An online offer binds you like a paper one, and Fannie Mae refuses offers contingent on selling your current home.
- Negotiate. Fannie Mae can accept, counter or reject any offer, and it publishes no set response time. With several offers, it may set a deadline for highest and best offers. Occupancy, price, financing type, requested concessions and closing date all affect priority.
- Sign and pay earnest money. Fannie Mae uses its own purchase contract instead of a local form. Your signed documents are due within 48 hours of notice, and the contract voids your offer after five calendar days. Earnest money follows within two calendar days after Fannie Mae signs.
- Inspect within 10 calendar days. Give written notice of any items you disapprove, because silence counts as acceptance. Fannie Mae has no duty to repair anything. If it declines, however, the contract lets you cancel and get your earnest money back.
- Apply for the loan and complete the appraisal. You have five calendar days to apply. If you cannot get a commitment despite diligent efforts, either side can cancel and your deposit comes back. Changing lenders or loan types can reopen the deal.
- Close by the contract date. Fannie Mae publishes no standard closing period, so each contract states its own deadline. If you miss it without a signed extension, the contract ends and Fannie Mae may keep your deposit.
Financing a Fannie Mae HomePath home
The contract says you are free to get financing from any source. There is also no special HomePath rate. Freddie Mac’s survey put the average 30-year fixed rate at 7.24% on Oct. 29, 2026, up from 6.17% a year earlier.
| Option | What to watch |
|---|---|
| Cash | Show proof of funds before acceptance. Your inspection matters more, since no lender appraisal applies. |
| Conventional loan | The lender needs an appraisal, and standard Fannie Mae rules apply. |
| FHA loan | FHA requires a home that is safe, sound and secure. |
| VA loan | The home must be safe, structurally sound and sanitary. |
| USDA loan | The home must be in an eligible rural area and be decent, safe and sanitary. |
When an FHA or VA appraisal finds problems
You can buy a HomePath property with an FHA loan or a VA loan if it meets that program’s standards. The catch is timing. FHA and VA appraisers can require repairs, yet the contract bars you from making repairs before closing. Meanwhile, Fannie Mae does not have to make them either.
In that case, a renovation loan can help. FHA says a home that fails standard 203(b) rules on health, safety or security may qualify under 203(k) if the work fixes those issues. The FHA 203(k) loan in its Limited version allows up to $75,000 in repairs in 2026.
Fannie Mae’s HomeStyle Renovation mortgage is another option. It can finance improvements up to 75% of the home’s as-completed value. Our renovation loan guide compares these and other choices.
Two conventional loan rules for HomePath homes
The Selling Guide gives these purchases two exceptions. Both apply only when Fannie Mae is the seller.
- Higher seller contributions. On a principal residence with more than 90% loan-to-value, contributions can reach 6% instead of the usual 3%.
- Appraisal credit. The lender receives a $500 credit when Fannie Mae buys the loan, and it must pass that credit to you for the appraisal.
Fannie Mae’s underwriting system does not apply the higher limit by itself, so your lender must document it.
HomePath Ready Buyer and other closing cost help
Fannie Mae’s FAQ still lists HomePath Ready Buyer as of November 2026. First-time buyers of HomePath properties who complete HomeView, its free online course, may receive up to 3% in closing cost assistance. For example, 3% of a $300,000 purchase price would be up to $9,000. You can also combine the program with a HomeReady mortgage.
Finish the course before your agent submits an offer, because the offer form asks about it.
Owner-occupants may also qualify for a separate concession of up to 3% if household income is at or below 100% of the area median income. Fannie Mae’s documents do not say whether the two programs stack, so ask the listing agent. Neither one is guaranteed, and HomePath.com shows what is available now.
Pros and cons of buying a HomePath home
| Pros | Cons |
|---|---|
| First Look keeps investors out for 30 days | No set discount, and prices vary by market |
| A large seller follows set rules and one contract | No prior-owner history, so disclosures can be thin |
| Many homes get repairs before listing | Every home sells as-is, with no warranty on work |
| Closing cost help may be available | Good homes can draw competing offers and a best-offer deadline |
| Fannie Mae pays for title policies if you use its provider | You pay any transfer tax, and deadlines are strict |
If these tradeoffs work for you, compare loan quotes before you start making offers.
HomePath vs. HUD homes and other foreclosures
Several sellers offer foreclosed or distressed homes, and each one sets its own rules.
| Type | Seller | Where to look | Early access |
|---|---|---|---|
| HomePath | Fannie Mae | HomePath.com | 30 days for owner-occupants, public entities and some nonprofits |
| HUD homes | The federal government, after an FHA-insured foreclosure | HUD Home Store | 15 days if marketed as insured, 5 days if uninsured |
| HomeSteps | Freddie Mac | HomeSteps.com | 30 days for owner-occupants and some nonprofits |
| Bank-owned REO | A lender or servicer | Local listings | Varies by seller |
| Pre-foreclosure homes | The current owner | Local listings and public notices | None |
HUD also sells as-is, but you must bid through a HUD-registered broker. By contrast, a pre-foreclosure sale happens before the lender takes title, so the current owner may still live there.
What happened to the HomePath mortgage?
Fannie Mae once offered a HomePath mortgage and a HomePath Renovation mortgage only on homes it owned. They allowed a low down payment with no lender-requested appraisal and no mortgage insurance. Fannie Mae retired both in October 2014. These current options are the closest fit, although mortgage insurance generally applies with less than 20% down:
- HomeReady mortgage: as little as 3% down, with an income limit of 80% of the area median.
- Conventional 97 loan: 3% down on a one-unit principal residence when at least one borrower is a first-time buyer.
- FHA loan: a minimum investment of 3.5% of the home’s adjusted value.
Tips for buying Fannie Mae foreclosures
- Get a full inspection. Book a home inspection right after signing, since the 10-day window goes fast.
- Budget for repairs and utilities. Ask the listing agent how utilities get turned on for inspection and who pays. You also pay for any required certificate of occupancy.
- Check title and HOA status. The deed carries limited title promises, so review your title policy with care. For a condo or planned community, you have 15 calendar days to object to the governing documents.
- Move fast during First Look. Have your letter and agent lined up before the countdown runs short.
- Compare the price to recent sales. Ask your agent for nearby sales, because a low appraisal can upset your financing.
Fannie Mae HomePath FAQ
What is a Fannie Mae HomePath property?
It is a home Fannie Mae took back when a loan it owned went unpaid, and it now sells that home as the owner. HomePath describes the sales channel, so the home can be a single-family house, a condo or a townhouse.
Can anyone buy a Fannie Mae HomePath home?
Yes, though the timing differs. People who will live in the home go first, along with public entities and some nonprofits. Second-home buyers and investors can make offers once those 30 days pass.
Can I buy a HomePath property with an FHA loan?
Yes, if the home passes FHA’s property standards at appraisal. When it needs safety or structural work, a 203(k) loan may fit better, because the seller does not have to fix those items before closing.
Are HomePath homes sold as-is?
Yes. Fannie Mae may repair a home before listing it, yet it still sells as-is and does not warrant that work. You can inspect, and the contract lets you cancel if Fannie Mae declines to fix items you flag on time.
Does Fannie Mae still offer the HomePath loan?
No. The HomePath mortgage and its renovation version ended in 2014, so buyers now use standard loans. HomePath Ready Buyer is a separate closing cost program, and it remains on Fannie Mae’s site.
Your next step
A Fannie Mae HomePath listing tells you who owns the home, so your real work is checking its condition and its fit with your loan. Start by asking a lender whether the home’s condition could affect your loan type.
After that, have your agent check the First Look clock and the contract deadlines. If you are new to the process, our first-time home buyer’s guide covers the rest.
