HomePath financing has been a useful financial vehicle for Fannie Mae products: rep homes, rehab properties, no-appraisal required purchases, and even multiple property owner refinancing.
That is all about to change. According to HomePath.com's website:
"Effective October 7, 2014, Fannie Mae is retiring the HomePath Mortgage (HPM) and HomePath Renovation Mortgage (HPRM) products". [SOURCE]
How Does Ending HomePath Financing Impact Borrowers?
The impact is minimal and most folks won't even noticed. Why? There are plenty of home loan programs for first time home buyers and investors.
Will this Change Impact the Availability HomePath Properties?
No. As of now, HomePath.com has no information stating properties will be discontinued even though real estate brokers are seeing REO inventory is decline.
What are Alternatives To HomePath Financing?
Two great alternatives are Home Advantage Mortgage and My Community Mortgage.