Frequently Asked Questions (FAQs)
Review the following Frequently Asked Questions (FAQs) for answers to the most common questions.
Why does Fannie Mae have properties for sale?
Fannie Mae works with mortgage servicers, housing counselors and other partners to help homeowners prevent and avoid foreclosure. Through KnowYourOptions.com and the Fannie Mae Mortgage Help Centers, Fannie Mae offers assistance directly to homeowners so they can understand their options to avoid foreclosure. However, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the owner/investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community. Additionally, Fannie Mae may acquire ownership of properties through a deed-in-lieu of foreclosure – a transaction in which the homeowner (mortgage borrower) voluntarily transfers the ownership of the property (the title and all property associated with it) to the owner of the mortgage in exchange for a release of their mortgage loan and payments.
What is Fannie Mae doing to support the housing recovery and mortgage finance system?
Visit the Fannie Mae Progress site for more on how we enable families to buy, refinance, or rent a home.
What is HomePath?
HomePath is the branding used for all Fannie Mae-owned properties — anytime you see something labeled "HomePath", it has to do with the sale of our Fannie Mae-owned properties. For example, HomePath.com is our website, where homebuyers and real estate professionals can get detailed information on our listings, and HomePath Mortgage offers buyer financing products these properties.
What kinds of properties are available on HomePath.com?
HomePath.com includes only those properties owned by Fannie Mae. Foreclosed properties can represent a great opportunity for first-time buyers, move-up buyers, those looking for a second or vacation home or those looking for an investment opportunity.
How can I learn more about Fannie Mae homes?
Where can I find information on foreclosure prevention?
Go to KnowYourOptions.com, Fannie Mae's consumer Web site to educate distressed homeowners about their options to avoid foreclosure and encourage them to get help.
Who do I contact if I suspect fraudulent behavior on a Fannie Mae-owned property?
Report possible fraud directly to Fannie Mae at MortgageFraud_Tips@FannieMae.com. You may also call our Fraud Tips Hotline at 1-800-7FANNIE (1-800-732-6643) to report possible fraud or if you have other concerns relating to a Fannie Mae-owned property.
Who do I contact for general inquiries about Fannie Mae and its homes?
Please contact the Fannie Mae Resource Center at 1-800-7FANNIE
How is buying a home owned by Fannie Mae different from other home purchases?
Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed-in-lieu of foreclosure, or forfeiture.
Has Fannie Mae fixed everything in the house?
Fannie Mae may make some repairs to increase the home's marketability but other repairs may be needed. Fannie Mae sells each property in "as is" condition, which means that the buyer accepts the property "as is." Fannie Mae is not responsible for fixing any problems after settlement.
Where can I find home buying tips?
View the Buyer's Guide for more information about buying a Fannie Mae-owned home. From working with a real estate professional to financing to how to make an offer, the guide covers what you need to know when purchasing a HomePath home.
What can you tell me about this house?
If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.
What type of sales contract does Fannie Mae use?
Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don't understand or aren't comfortable with, you may want to contact a real estate attorney, the real estate sales professional who listed the property, or any real estate professional of your choice to review these documents with you.
Do I have to use Fannie Mae's selected title, settlement, or escrow companies?
No, you may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.
Will Fannie Mae accept an offer contingent on the sale of my house?
No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.
Why does Fannie Mae request a lender's prequalification statement before negotiating a home purchase offer?
Fannie Mae does not require a prequalification statement or letter before negotiating an offer. However, by obtaining this statement or letter, you better position yourself to get financing and complete the sales transaction in a timely manner. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.
Does Fannie Mae provide special financing?
Financing flexibilities for Fannie Mae-owned properties, known as HomePath® properties, include:
The above flexibilities are available on all HomePath properties. All other requirements of Fannie Mae’s Selling Guide apply. For more information on HomePath properties, lenders should see Selling Guide section B5-4-08: Loans Securing HomePath Properties (06/24/2014). See also Announcement SEL-2014-07.
Effective October 7, 2014, Fannie Mae is retiring the HomePath Mortgage (HPM) and HomePath Renovation Mortgage (HPRM) products.
Can I buy a house directly from Fannie Mae without going through a real estate sales professional?
No, Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.
What happens if Fannie Mae gets more than one offer?
All interested parties may be asked to submit their best offer in writing through the listing agent by a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.
I am a real estate broker. Can I sell Fannie Mae-owned homes?
For more information on becoming a Fannie Mae listing agent, click here.
Where can I get help on the HomePath Online Offers Program?
Please click here to access our help materials including webinars, job aides, and FAQs. If you still have questions, please call our Online Offers User Support Center at 1-866-218-4446.