Fannie Mae HomePath Mortgage Program

Fannie Mae HomePath is one of the many mortgage programs available to buyers in the US. By viewing the mortgage education section of our website, you will find additional educational articles on many of the other mortgage programs available.

What is the Fannie Mae HomePath Program?

The Fannie Mae HomePath Program (FMHP) is also commonly known as the HFA Preferred incentive program. Effectively, it revolves around something called HomePath homes. Now, this refers to homes that have been purchased and owned by FMHP. Specifically, foreclosed properties.

Who is Eligible?

Anyone can be eligible for the Fannie Mae HomePath Program, on our real estate tools section for area median income you can choose from the drop down. To begin, the program only covers a certain income cap for the HomePath programs. You can choose almost any property, so any other property can be considered. Secondly, you must purchase this property as your primary residence. For reference, the general rule is your primary residence is the place where you spend most of your time. In most cases, this will be the home where you live day by day.

The third requirement is one that most people tend to forget. In order to qualify for the FMHP program, you need to apply and make sure that your income qualifies. Why is this? It's because of a mortgage that's geared towards first-time or seasoned homebuyers with low to moderate incomes. Unlike conventional mortgage options, an HFA Preferred one requires you to work with your local housing finance agency. As per the NCSHA, housing finance agencies are independent and help to set people up with affordable housing options.

Thus, you need to go through the process of getting an HFA Preferred mortgage if you want Fannie Mae. It's very important to note that these programs are different from FHA, USDA or VA mortgage loans.

To summarize, you need to apply for a HomePath as your primary residence and do first time home buyers education. From here, you might be able to access the incentives and enjoy your new home.

Fannie Mae HomePath Mortgage Program

Why Should You Consider HomePath?

This could be an excellent option if you are looking for affordable housing options. Due to the eligibility criteria, the Fannie Mae HomePath program is largely suitable for people on low to moderate incomes. If you have struggled to find a house that you can afford, this could be an option to think about.

Moreover, this program is ideal if you want to reduce your initial down payment. Many prospective home buyers could find reasonable mortgage repayments. It can take an extremely long time to raise the funds to afford a down payment, at which point the property you’re viewing could be off the market. The ability to borrow 97% loan to value and allows for more realistic saving goals, letting buyers make a move on their dream home.

In conclusion, the Fannie Mae HomePath mortgage program is available to a large portion of the population. If you still have any questions relating to this topic, we have numerous resources that may be of assistance or connect with us to discuss further. We suggest educating yourself on mortgage programs loans and you can compare the features and requirements against this one for an accurate view on which one might suit you better than others. Additionally, contacting our mortgage brokerage firm can help you receive more specific advice if required.


What Is Foreclosure?

How does the IRS define primary residence?