Can I buy a house directly from Fannie Mae (FNMA)?

By Jean Folger AAA
A:

Yes, you can buy homes directly from Fannie Mae. Fannie Mae (the Federal National Mortgage Association, or FNMA) is a government-sponsored enterprise (GSE) established in 1938 to expand the flow of mortgage money by creating a secondary mortgage market. As a secondary market participant, Fannie Mae does not lend money directly to consumers. Instead, it keeps liquidity flowing to mortgage lenders (e.g., credit unions, local and national banks, thrifts and other financial institutions) through the purchase and guaranty of mortgages made by these firms.

When foreclosures arise on mortgages in which Fannie Mae is the owner/investor, or when properties are acquired through deeds-in-lieu of foreclosure or forfeiture, Fannie Mae attempts to sell the properties in a timely manner in order to minimize potential impacts on the community. Fannie Mae uses the HomePath brand to sell its properties: HomePath.com is the Fannie Mae website where homebuyers and investors can search for and make offers on Fannie Mae-owned properties, and HomePath Mortgage offers buyer financing products for the properties. In some cases, special financing may be available through HomePath Mortgage and HomePath Renovation Mortgage. These mortgage products are available until October 7, 2014, after which time they will be retired and new financing "flexibilities" will become available. These include expanded seller contributions for owner occupied properties, and lower down payment options for buyers with multiple financed properties.

HomePath.com includes only properties that are owned by Fannie Mae, and include single-family homes, town houses and condominiums. Fannie Mae uses local real estate professionals to prepare, maintain and list the properties for sale. Buyers can view listings on the HomePath.com website, and most listings have photographs, property descriptions and other details, including school and neighborhood information. The number, type and sales prices vary greatly by market, as does the condition of the properties. While some homes are move-in ready, others require repairs or even extensive renovations. Each property is sold in "as is" condition, meaning that the buyer accepts the property "as is." Visit www.homepath.com for more information.

 

RELATED FAQS

  1. How does Fannie Mae (FNMA) make money?

    Fannie Mae is a government-sponsored enterprise (GSE) established in 1938 to expand the flow of mortgage money by creating ...
  2. How can I tell when a real estate agent might be lying to me?

    Find out what real estate agents are likely to lie about, the reasons for the lies and how to protect yourself from unscrupulous ...
  3. What do real estate attorneys do?

    Understand the role of a real estate attorney to help you decide if you would benefit from the expertise of this type of ...
  4. What are the requirements for an FHA loan?

    Qualify for homeownership with an FHA-backed mortgage. Borrowers with imperfect credit benefit from this government-sponsored ...
RELATED TERMS
  1. Fannie Mae - Federal National Mortgage Association - FNMA

    A government-sponsored enterprise (GSE) that was created in 1938 ...
  2. Commercial Real Estate Loan

    definition of a commercial real estate loan
  3. Realtor Property Resource (RPR)

    A National Association of Realtors member benefit providing realtors ...
  4. Housing Choice Voucher Program

    The Housing Choice Voucher Program helps families with very low ...
  5. Forbearance

    A temporary postponement of mortgage payments.
  6. Mortgage Modification

    A permanent change in a homeowner's home loan terms that makes ...
comments powered by Disqus
Related Articles
  1. How Fannie Mae And Freddie Mac Were ...
    Economics

    How Fannie Mae And Freddie Mac Were ...

  2. Fannie Mae and Freddie Mac, Boon Or ...
    Insurance

    Fannie Mae and Freddie Mac, Boon Or ...

  3. Fannie Mae, Freddie Mac And The Credit ...
    Insurance

    Fannie Mae, Freddie Mac And The Credit ...

  4. 10 Steps For First-Time Home Buyers
    Home & Auto

    10 Steps For First-Time Home Buyers

  5. Steps To Retiring With A Reverse Mortgage
    Retirement

    Steps To Retiring With A Reverse Mortgage

Trading Center