What does it mean when a property is a Fannie Mae HomePath?

Fannie Mae HomePath properties are foreclosed properties owned by Fannie Mae. HomePath homes come with a variety of perks, such as lower price points and special financing options. Because the homes are foreclosures, they may need repairs.

Can you negotiate on a HomePath property?

Can you negotiate Fannie Mae HomePath? Through HomePath.com, Fannie Mae sells homes they own that have gone into foreclosure. You can negotiate a Fannie Mae home by making an offer, but as with any home purchase contract, you may lose out to someone who is willing to pay more.

What is the minimum credit score for a homepath mortgage?

Never missed a mortgage payment in the past six months and no more than one missed mortgage payment in the past 12 months. Be in possession of a mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score. 37.

What does Fannie Mae consider a first-time home buyer?

First-time home buyer: An individual is to be considered a first-time home buyer who (1) is purchasing the security property; (2) will reside in the security property as a principal residence; and (3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of …

What is the minimum down payment for a Fannie Mae loan?

Fannie Mae’s HomeReady® and standard loan programs require only a 3% down payment for a single-family home. You can use your own funds or get a gift donation from a family member. To buy a second home or an investment property, you need a down payment of 10% and 20%, respectively. Credit score.

What credit score do you need for a conventional loan?

620
Conventional Loans A conventional loan is a mortgage that’s not insured by a government agency. Most conventional loans are backed by mortgage companies Fannie Mae and Freddie Mac. Fannie Mae says that conventional loans typically require a minimum credit score of 620.