Like any mortgage holder, Fannie Mae does not wish to hold real estate, but offload it to a buyer as quickly as possible. Fannie Mae HomePath Loan Program. Fannie Mae HomePath is a specific type of conventional loan that differs slightly from other conventional loans. This service is provided for the sole purpose of showing the applicable Area Median Income (AMI) for each applicable census tract. The Servicing Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. Fannie Mae HomePath is a program that speeds up the process of selling foreclosed homes. A HomePath loan offers borrowers a 5% down payment with no mortgage insurance and no appraisal. The Ready Buyer HomePath loan program is offered by Fannie Mae and is intended for first time home buyers. Fannie Mae Home Path The Fannie Mae HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu. This loan program is designed to allow those with less than perfect credit to qualify for a home loan, and also obtain reasonable terms of said loan. CVAS is a free, online tool that enables Fannie Mae-approved lenders to submit requests for both single-loan and project eligibility waivers. This program focused on foreclosed properties that were owned directly by the Fannie Mae institution. The HomePath program is a fixed rate, fully amortized loan that provides low down payment, no mortgage insurance and no appraisal for REO properties by Fannie Mae. How to Apply For a Fannie Mae Loan. Fannie Mae Homepath. To qualify for the Fannie Mae HomePath loan program, you will need to have your income verified by your Fannie Mae-approved lender. 10% down payment for second homes and investment homes. HomePath is the name given to Fannie Mae’s program to sell real estate it owns. You will need to have copies of your W-2s, tax returns, bank statements, and credit scores. How to Apply For a Fannie Mae Loan. Fannie Mae's HomePath program includes guidelines and special offers for owner occupants. Homepath guidelines minimum credit score, down payment, debt-to-income ratio, loan-to-value, no appraisal, seller contributions. The financing of condo properties can be difficult with Homepath as the condominium project must meet all Fannie Mae requirements. To begin browsing, select from any of the sections below. FHA loans have less strict credit score requirements too, you can qualify for FHA loans with a 580 credit score. An FHA home loan is a great option because the downpayment needed is just 3.5%. Lender may use the AMI limits for purposes of determining income eligibility for HomeReady or other loans that have AMI requirements. Fannie Mae has its own inventory of foreclosed homes where HomePath home buyers can only put down a 3% down payment for owner occupied homes. HomePath Alternatives. A Fannie Mae Homepath property is a property that was sold under the auspices of the Homepath loan program. The minimum credit score requirement for HomePath financing will depend on the LTV and whether it's primary residence, second home or investment property. It requires only a down payment of 3%, and that 3% can come back to you to cover closing costs if you take a $75 online training program about home ownership and mortgages. To qualify for the Fannie Mae HomePath loan program, you will need to have your income verified by your Fannie Mae-approved lender. You will need to have copies of your W-2s, tax returns, bank statements, and credit scores. The HomePath program is a fixed rate, fully amortized loan that provides low down payment, no mortgage insurance and no appraisal for REO properties by Fannie Mae. Fannie Mae loan guidelines are not as strict as others, such as those for loans backed by the Federal Housing Administration (FHA). Co-Signer/Co-Borrower Fannie Mae is a privately held company created after the Great Depression to bolster lending to prospective homeowners. This helps Fannie Mae in its mission to help homeowners avoid and prevent foreclosure by working with organizations—such as housing counselors and mortgage companies.