Can I buy a house directly from Fannie Mae (FNMA)?
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 liquidity of home mortgages by creating a secondary mortgage market. As a secondary market participant, Fannie Mae does not lend money directly to consumers. Instead, it keeps money flowing to 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/backer, or when properties are acquired through deeds in lieu of foreclosure or forfeiture, Fannie Mae attempts to sell the properties in a timely manner to minimize potential impacts on the community. Via its website HomePath.com, Fannie Mae offers a venue where homebuyers and investors can search for, view and make offers on Fannie Mae-owned properties, and HomePath Mortgage offers financing products for the properties.
HomePath.com includes only properties that are owned by Fannie Mae, including single-family homes, townhouses and condominiums. Fannie Mae uses local real estate professionals to prepare, maintain and list the properties for sale. Most listings have photographs, 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. However, each property is sold in "as is" condition, meaning that what you see is what you get – unlike a private seller, Fannie Mae won't do any fix-up, or adjust the purchase price in lieu of making repairs.