Fannie Mae Foreclosure Listings – Get Them For Free
Fannie Mae is a government owned lender that provides funds to other lenders. These lenders then provide mortgage loans to homeowners from the funds that Fannie Mae has supplied. When a homeowner falls into financial hardship, Fannie Mae will work with the homeowner to try to improve their financial situation and avoid foreclosure. Unfortunately, foreclosure cannot be avoided in every situation.
When a home whose mortgage loan was funded by Fannie Mae goes into foreclosure, they will then sell the home as a means of repayment. Fannie Mae sells these homes through a program called HomePath, that provides free foreclosure listings on their website. These listings are free to browse and offer potential home buyers the opportunity to purchase foreclosed homes at great prices.
The Advantages of Fannie Mae Foreclosure Listings:
One of the greatest advantages of HomePath listings is that they are free to access. Potential home buyers are able to search for homes by location, price, and number of bedrooms and bathrooms. Additionally, users are able to view pictures of the property and are provided with reports on the condition of the property and the area in which it is located. Potential home buyers can even gain information on schools in the area and take advantage of convenient mortgage calculators.
Another advantage of Home Path listings is that Fannie Mae offers great financing options to buyers. If a buyer chooses to purchase one of the foreclosed homes offered by HomePath, they are eligible to receive HomePath Mortgage Financing or HomePath Renovation Mortgage financing. These financing options allow borrowers to make a low, affordable down payment, while providing them with the flexibility that need. Additionally, these financing options are available through a number of lenders, both local and nationwide, which gives buyers the option of choosing a lender they trust.
The Disadvantages of Free Fannie Mae Foreclosure Listings:
Unfortunately, there are also disadvantages of finding homes through HomePath listings. The main disadvantage is that these listings are available to the public and are accessed by hundreds, if not thousands of potential home buyers each day. This can make it difficult for buyers to make an offer and purchase the home that they want before another buyer gets to it first. However, while it may take a bit of extra effort to purchase a foreclosed home, these homes are a great investment for first time or experienced home buyers.