What Is Home Path Financing?

Selecting the right financing option when purchasing a house can feel like an arduous task. When buying a bank-owned Fannie Mae property, the borrower has options with Fannie Mae's flagship product: Home Path financing.

Home Path Products

The HomePath program has two loan products: traditional financing and renovation financing. Qualifying guidelines for both are similar. However, the renovation-financing option rolls in costs for repairs and minor improvements to a home in addition to the loan amount for the sales price.

Types of Homes

For a property to be eligible for either type of Home Path financing product, Fannie Mae must own the property. Home Path properties are real-estate owned (REO) properties repossessed by the lender after foreclosure.

Considerations

Home Path financing is attractive to buyers since it offers low down payment terms and fees similar to government-insured loan products. Home Path is available nationally within the U.S., but details are subject to change per lender guidelines. To discuss qualifications regarding Home Path financing options, it is wise to speak with a Fannie Mae approved lender.

References

• Mortgage Loan: Fannie Mae
• Home Path: Home Path Mortgage Financing
• Home Path: FAQ