Fannie Mae HomePath vs. Freddie Mac HomeSteps

February 27, 2013 by 4 Comments

Editor’s Note: Both the Fannie Mae HomePath mortgage and the Freddie Mac HomeSteps mortgage programs have been discontinued. However, HomePath and HomeSteps properties are still available for purchase using standard mortgage financing. This post has been updated to reflect the current state of both programs.

Fannie Mae and Freddie Mac both sell foreclosed homes they have acquired — and both offer programs designed to make those properties more attractive to buyers. While the names sound similar, HomePath and HomeSteps are quite different in how they work.

Here’s what you need to know about each program today. [Read more…]

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Fannie Mae HomePath Mortgage: What Replaced It

October 15, 2010 by Leave a Comment

⚠ Program Ended October 2014: Fannie Mae retired the HomePath Mortgage program in October 2014. If you found this page searching for HomePath, read on to learn what replaced it — there are several strong low-down-payment programs available today for buying homes in Washington State.

Fannie Mae’s HomePath Mortgage was one of the most popular low-down-payment programs of its era. From its launch through October 2014, it offered buyers a way to purchase Fannie Mae-owned foreclosures with reduced down payments, no appraisal requirement, and no private mortgage insurance — a genuinely attractive combination that many Washington State buyers took advantage of. When the program ended, I had helped many homebuyers use HomePath successfully. The good news is that the programs that replaced it are in many ways better and more broadly available — you no longer need to limit your home search to Fannie Mae-owned foreclosures to get similar benefits. [Read more…]

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