Upcoming Foreclosures

A Fannie Mae Homepath Property?

I was looking at houses for sale and i really liked a house that was for foreclosure,the description said that it was a Fannie Mae Homepath Property. In simple words, what does this mean? And it also says "THIS PROPERTY IS APPROVED FOR HOMEPATH RENOVATION MORTGAGE FINANCING".

Public Comments

1. This means that you as the buyer must qualify for the loan - Homepath loans are restricted to persons who intend to live in the house. The other statement "this property is approved" means that the home will qualify for extra money in the loan - beyond the actual mortgage for renovation. (Its a separate loan - used only for the express purpose of renovating - rehabbing the property) This will require that you have excellent credit - as this is a separate loan.
2. Well I know someone who bought a Fannie Mae property, with all cash, so I'm not sure if the last statement is all the way correct, all though it is right, in the sense that it may qualify for that kind of loan. When I was trying to buy a Fannie Mae home, one good thing about it, was they were willing to make repairs, which a lot of bank owned properties, the bank won't sometimes make repairs. But it may depend on each individual situation.