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To both first-time home buyers and investors.Let’s take a closer look at the HomePath program and the corresponding lending guidelines to see if this home buying avenue might be right for you. And you don’t have to be a first-time home buyer. The HomeReady program offers lower mortgage insurance and pricing adjustments to borrowers who complete homeownership education, which will equate to lower monthly mortgage costs. There is no specific HomePath loan, but Fannie Mae offers special home loan financing on these properties via its “ HomeReady Mortgage” loan program.

Some of the properties have received repairs and improvements, but all are sold as-is, meaning you still need to do your diligence and inspect the property before purchase. They have thousands of properties nationwide, including single-family homes, condos, and townhouses, including homes geared toward first-time buyers and those for move-up buyers. However, Fannie Mae is not in the business of owning single-family homes or condos, so they’re trying to unload them as quickly as possible by offering all types of incentives to prospective home buyers. As a result of the massive housing crisis that took place.That are now owned by Fannie Mae due to foreclosure.Is the program that was created to unload the many homes.This was especially true after scores of borrowers took out low down payment mortgages, only to watch home values sink and deplete them of all their home equity, destroying the housing market in the process. They said it themselves they couldn’t prevent every foreclosure out there. After the mortgage crisis, government mortgage financier Fannie Mae wound up with a lot of bank-owned homes.