Fannie Mae has published some tips for buyers considering purchasing a HomePath foreclosure. HomePath foreclosures are certain foreclosures owned by Fannie Mae which are specifically targeted as owner occupied residences. The rules surrounding bids for HomePath foreclosures are designed to give American owner occupied homeowners an advantage over foreigners and investors.
1. Get pre-approved by a lender to show that you are serious and qualiﬁed.
2. Look for properties eligible for HomePath ﬁnancing. HomePath Mortgage
• Qualiﬁcation even if credit is not perfect
• Low down payment requirements
• Down payment can be from your own funds or from a gift
3. Submit acceptable and complete offers and be aware of the strict timelines involved in purchasing a HomePath
• Offers will not be accepted until a property has been listed for at least 3 business days.
• “First Look” Program – Only owner occupant offers are considered for the ﬁrst 15 days a property is listed.
• An acceptable offer includes: a complete AZ purchase contract, a complete Fannie Mae Real Estate Purchase
Addendum, and earnest money. A pre-approval for ﬁnancing will strengthen your offer.
• 10-day inspection period commences on the date Fannie Mae verbally accepts the offer. Fannie Mae will
disclose any hazards related to the property.
• Fannie Mae homes are sold “as-is”, and they highly recommend a home warranty.
4. The escrow period before a closing ranges from 30 to 45 days from contract acceptance.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260