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.
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.
For more information or to learn more about alternative financing options give us a call today!