Fannie Mae is a government-owned lender that provides funds to other lenders. These lenders then make mortgage loans to homeowners with funds provided by Fannie Mae. When a homeowner experiences financial difficulties, Fannie Mae will work with the homeowner to try to improve their financial situation and avoid foreclosure. Unfortunately, foreclosure cannot be avoided in all situations.
When a house whose mortgage loan was financed by Fannie Mae goes into foreclosure, then they will sell the house as a means of payment. Fannie Mae sells these homes through a program called HomePath, which provides free foreclosure listings on her website. These listings are free to browse and offer prospective homebuyers the opportunity to purchase foreclosed homes at great prices.
The Advantages of Fannie Mae Foreclosure Listings:
One of the biggest advantages of HomePath listings is that they are free to access. Potential homebuyers can search for homes by location, price, and number of bedrooms and bathrooms. In addition, users can view images of the property and receive reports on the status of the property and the area in which it is located. Potential homebuyers can even get information on area schools and take advantage of convenient mortgage calculators.
Another advantage of Home Path listings is that Fannie Mae offers great financing options to buyers. If a buyer chooses to purchase one of the foreclosed homes offered by HomePath, they are eligible to receive HomePath Mortgage Financing or HomePath Renovation Mortgage Financing. These financing options allow borrowers to make a low and affordable down payment while giving them the flexibility they need. Additionally, these financing options are available through a number of lenders, both local and national, giving buyers the option of choosing a lender they trust.
The Disadvantages of Fannie Mae’s Free Foreclosure Listings:
Unfortunately, there are also downsides to finding homes through HomePath listings. The main disadvantage is that these listings are publicly available and are accessed by hundreds, if not thousands of potential homebuyers every day. This can make it difficult for buyers to make an offer and purchase the home they want before another buyer arrives first. However, while it may take a little extra effort to buy a foreclosed home, these homes are a great investment for first-time or experienced homebuyers.