HomePath MortgageFannie Mae HomePath Mortgage

I went to purchase a Fannie Mae Homepath R.E.O. property with a cost of $79, 900. I was also going to use the Homepath Incentive Program allowing Fannie Mae to contribute up to 3.5% of the purchase price to the closing costs. However, I was unable to obtain the loan because of the lack of loan experience or credit experience. However, as my credit rating shows: 720, 740, and 740 my credit ratings are outstanding by most peoples' opinion. Furthermore, I had credit history including student loans, and automobile loans ($10, 000) which have been paid off in the last year. So, what is the problem? I also have had a credit card for going on 7 years in which I have paid off every month since day one! If the above examples are not good enough to prove that I am an outstanding person when it comes to finances I don't know what to do... As a first time home buyer I am outraged, pissed off, and further more want my tax money back that was paid to this company so they wouldn't go down in flames! So here's to you Fannie Mae, go to hell, go ### yourselves, and I hope you go bankrupt as you so deserve for poor business practices. If I don't get this house, I am pulling out of banks all together... money, retirement, all of it! I can save and spend money without you!


  • Ty
    tyler8715 Apr 20, 2010

    I am currently in the process of trying to buy a home through Homepath... I started out tring to get a VA loan for the property, and successfully getting preapproval, but the listing agents with Homepath assured me that the VA wouldn't approve the house.. So I asked them what was a matter with the property, they didn't know of anything wrong with the house... They told me I had to use one of thier morgage brokers, "no problem" I replied... So they handed me a list of One... only one morgage broker I can contact for a Fanny Mae Loan? After a little research I provided prequalifacation letters from USAA, Wells Fargo, Flagstaf, and the morgage broker they told me I had to use... I am still currently getting the long run around while trying to get the contract in.. Is there anyone who isnt an investor that has ever purchased one of these homes? Let me know, [email protected]
    I assure you, this is my 3rd housing option that will be bypassed due to the realestate agents and homepath corp, there will not be a fourth... I will just spend my 10k downpayment on a lawyer to figure out what the issue is with these people.

    0 Votes
  • Sc
    scotty410 Jan 20, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I am trying to buy a Homepath Home in Florida and got the run around on full price offer and rejection for no formal reason. .

    We got the house and then didn't get the house in Florida, 418 York Dale Dr. Ruskin, Florida 33570...per article the second worst hit housing area in the United States.

    Fannie Mae's Homepath Program sucks.

    I just put in full price contract on home in Rusking FL...3 weeks later they came back with 13 page "Addendum." In which it's Section 9, said any items in the home, not listed on original contract should be list in Section 38 here. Otherwise they would not be responsible [words to that effect]. I added the mircrowave, blinds (all windows) garage door opener (1), poly vinyl fencing and ceiling fans and their remotes (3). [Theese were all items still in the home].

    The Asset Management Company, under contact to (and per) Fannie Mae, 24/24, refused to accept my offer, because I wrote on the 13 page Addendum.

    I called Senator Mikulski's office, the staff said call Fannie Mae, as we don't get involved with contract disputes. I said but isn't Fannie Mae a government agency, you need to investigate them, as something rotten here. Get a lawyer I was told.

    I called Fannie Mae, they gave me phone number for "Asset" comapny, 24/24. I called and got phone message system, left message, but 3 days now, never got a reply.

    Yesterday, January 20, 2011, my buyer's agent did get call from "second level asset manager at 24/24. My agent sent me text, the second level "Asset" manager, approved it.

    A few hours later, he called me back, "FANNIE MAE" declined it, because I wrote the addendum.

    I asked my agent if they put it in writing and gave the reason too and what was the name of the official with Fannie Mae, Title, and phone number.

    My broker said, "No they will not put anything in writing and I forgot to ask for the name and title of the Fannie Mae offical."

    I was unable to obtian any formal i.e., written rejection or names of any of the officials involved.

    Hard to believe they turned down full-price contract...even though I was following it's 13 page amendment's instructions. These were all things that could have been listed in original contract. Fannie Mae needs to be investigated. Something rotten in Amsterdam.

    Jim 410 725 4299

    0 Votes
  • Dw
    DWD Apr 28, 2011
    This comment was posted by
    a verified customer
    Verified customer

    Homepath has absolutely no protection for any prospective buyer. It's attorney's and banks(both crooked in my book), I'm a RE Broker and try my best to avoid these transactions unless the buyer insists. Read the PA and the addendums and you'll see they are nothing but a bunch of shady crooks. Sure the law is always on the attorneys side because most buyers don't have the money to fight these crooks. AVOID HOMEPATH. Hud at least does their business in a fair and above board manor.

    0 Votes
  • Fl
    FL Broker Mar 16, 2017
    This comment was posted by
    a verified customer
    Verified customer

    @DWD I couldnt agree more, I'm a Broker in FL and have avoided REOs like the plague, but my customers found one on the water listed for 6 months...Put in offer 6% over list price to take advantage of Homepath 3% closing cost assistance... Left the other 3% to cover incidentals like the dock that was a danger to be fixed or removed. We got acceptance, and the appraiser found $3, 700 in repairs to be done prior to closing, Listed Price $149, 900 ...Offer $165, 000 seller to pay 3% in closing costs as per homepath $75 course buyer was forced to take . Offer was accepted because property have been on market 162 days.. So appraisal finds $3, 700 of work that needs to be done (which we accounted for?? Right??) NOT, Homepath countered buyer buy reducing closing cost assistance money to cover the safety issue they knew about long ago, but since defects were "readily observable" they didn't need to disclose. I've filed complaints all over the place, as a realtor we need to abide by ethics. FNMA has none, their agent to list is equally as immoral and in every phone call I make there are at least 3 lies interwoven in the conversation. The Attorney General of FL says there has to be a pattern before they will take action, so I looked up every "Homepath" house and not one gave a 3% credit toward closing cost assistance... The only do it cause we let them

    0 Votes
  • Dw
    DWD Apr 28, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I respected Obama but he really screwed up by bailing out the Banks or hereby referred to as the crooks. They have nothing to gain by working with homeowners in trouble but they have much to gain if they foreclose because the poor taxpayer guarantee's the "crooks" all their money back. We need a politician with balls to take on the whole system and evidently Obama isn't the guy. Our system is the rich, for the rich, by the rich and designed to make the rich richer and the working class starve. If you vote republician beware but please vote for intelligent Democrats and that isn't easy either. I'd like to see all politicians be required to take a lie detector test every 3 months.

    0 Votes
  • Co
    concernedCitizen31 Mar 01, 2012

    What is going on with some properties is very unethical. Brokers assigned by Homepath are misusing the system to line up their pockets. I have read a few complaints about buyers putting in more than the asking price and getting rejected, but the same house was bought by the broker for much less money.
    There are no safeguards to protect buyers from corrupt brokers. Why does homepath have brokers?? They can accept offers online. Let the home buying process be as transparent as possible. Please keep complaining and keep calling Fannie Mae if you see fraud.

    2 Votes
  • Mr
    mrsriz Apr 03, 2012

    We had an accepted offer and were waiting on Fannie mae and the agent to send us the finalized contract. Then twenty four hours later another contract was in place with another buyer and our offer was rejected. Fannie Mae's fraud line is a joke, because they are just as crooked as the brokers they use.

    0 Votes
  • Ho
    HopelessBuyer Oct 25, 2012

    Running into the same issue here. I was told by my agent that the HomePath agent said to not even bother submitting because they had cash offers from investors on all 3 properties I was looking at. All three homes are still in the "owner occupy only" offers. No hope for offering more than asking price, either, because as I have been repeatedly told by many realtors "cash is king" and nobody wants to deal with a mortgage. I just want to buy a house to live in with my kids & husband. But apparently that isn't going to happen with Fannie's Mae FraudPath homes.

    1 Votes
  • Ke
    Kellyk31 Nov 09, 2012

    I've been waiting to settle for 4 and a half months now with a Fannie Mae loan. This has left my 6 month and I homeless bc had to move out of our house we were renting bc we were supposed to settle. They cancelled settlement 4 times now due to problems on their end. Also, the 3 percent down is a Joke. I have to give 10. I'm dealing with a woman by the name Dominica reinbott. She's an idiot. Doesn't know what she's doing one bit. Even my insurance agent who is doing my home owners insurance argued with her bc she doesn't know what she's doing. I had to contact a real estate lawyer incase anything happens bc the bank that owns the house is already threatening to put it back on the market bc we are still not settled. Awful company.

    0 Votes
  • My
    Mychelle Dec 21, 2012
    This comment was posted by
    a verified customer
    Verified customer

    My Grandfather Julius Oscar Alford, born on March 9, 1926, is a Disabled World War ll P.O.W veteran. He is also a Purple Heart Recipient who received several other medals for his service. My Grandfather is 1 of 14 children of his parents. Growing up not having much and working hard for what you did have has always been a motivating factor in his life to strive to reach his full potential. A lesson he has always tried to pass along to his children, as well as his Grandchildren and Great grandchildren. Also, appreciating what you have, sharing with others who are in need, Your word is your bond, and no matter how hard it is, "Doing the right thing, is always the right thing to do".
    After getting out of the Army My Grandfather even went back to school to get his high school diploma. Around this time he met the love of his life, My Grandmother, her name is Irene. She to has been a motivating factor in him being the best he can be. Together they had 3 children who now have children of their own, and those children have children. To each and everyone of us THEY are our heroes. When I say they, I am speaking of My Grandparents, who taught us as a "unit" our most valuable life lessons. My Grandfather of course always taking the role of the protector and provider. Even now at 86 years young he is still that person to us all. But most importantly to My Grandmother. You hardly ever see one without the other, I only hope to have that kind of special bond one day. My Grandfather and I are very close, actually he was more of a father to me because my own was not. As we were spending the day together, He spoke to me about some concerns he had. At his age he knows he might have to leave this earthly world maybe a little sooner than later, but yet his first concern is my Grandmother. You see back in the 70's the home he bought was in a nice, quiet, family style neighborhood.That neighborhood now has drastically changed. Still trying to make sure my Grandmother was going to be "protected and provided" for He asked me to help them find a new home. It has been an ongoing and lengthy process, but we found one to fit their needs. The home at 311 woodlawn ave warner robins Georgia was a foreclosed home from Fannie Mae-HomePath homes. The listing agent is ******, who in her "about me" section of her websites prides herself on being a Military Spouse of 20 yrs. I really cannot fathom how a "military spouse" could mistreat and cheat a disabled Veteran they way she has. Like I stated before My Grandfather has always believed in "only take what you need" and "always share with others. I have learned that Veterans are entitled to many benefits for their service, but unlike some my Grandfather only "takes what he needs".
    A bid was placed on this home on this house on 10/12/12, accepted on 10/19/12, A contract was signed on 10/28/12 at which time My Grandfather trustingly gave a $1000.00 check for earnest money toward the purchase of their new home. My Grandfather chose to get a VA Loan using Bank of America. Everyone knows that their are special requirements regarding a VA Loan and they take a little more time to complete than others. My Grandfather has had to jump thru "hoops and barrels" throughout this entire process. During which in doing his part to make sure that all the requirements he needed to be done were done so on time. ********, of Century 21, has not. She has lied, procrastinated and drug out what was suppose to be a happy event turning it into a nightmare a total nightmare. Their has been several addendum's added to this contract, before the appraisal we even asked about the repairs that would be needed for a VA Appraiser to approve the home, she she not to worry that it would be taken care of. After My Grandfather paid $400.00 for an appraisal, and she received the results she changed her tune. My Grandfather was then given an addendum to sign that not only added more time but also that he was to give up the $1600.00 that Homepath was to pay for repairs, also adding $57.00 to the price of the home.
    Mrs. Hunt was notified by BOA regarding when the repairs needed to be done to close on the home in a timely fashion. But yet she did not hold up her end of the contract, I have proof..pictures..emails of conversations between my Grandfathers Realtor and the listing agent as proof. I also have emails from **** at bank of America, **** of bank of America, as well as many other examples of how unjustly my Grandfather is being treated. Because of listing agent not holding up her part of this contract once again it was not going to close on time. The last addendum that my Grandfather was given to sign was for only a few day and was not realistic with a time frame. listing agent was emailed this concern, but yet showed no real concern. My grandfathers Realtor pleaded with listing agent on my Grandfathers behalf. She told him, and I have copies of this, that homepath would not do another addendum, the one dated for closing on the 12/21/12 was the last, then the contract would be terminated. Had she had done her job, this would of been completed long ago.Then just yesterday I received a call my grandfathers Realtor saying that Homepath wanted to go ahead and terminate the contract, not even giving him until 12/21/12, she emailed him papers for my grandfather to sign. She also put on these papers that $500.00 in earnest money was to be returned to my grandfather( We have a copy of his $1000.00 check). Minus the fact he would be out of $400.00 for the appraisal, $125.00 for the termite inspection, and all his time and effort. She said it was not her choice, but homepaths. She is not being truthful, I have an email showing her having a conversation my grandfathers Realtor in which after he pleads with her for a realistic amount of time, she fowards him a response from a VP of Fannie Mae/ Homepath that states my grandfather has until 12/21/12. Their is so much more to this that is not right. My Grandfather has helped many all his life, So now I ask of you could you now please help My Grandfather not get "cheated", So inside himself he will still be in his eyes My Grandmothers Hero... Thank you very much, any guidance or advice would be greatly appreciated.

    0 Votes
  • Pi
    pissed off agn Aug 15, 2013

    Fannie Mae does suck!!! The took my house. I called them SEVERAL TIMES for a loan modification after a nasty divorce. I applied and was granted the modification. I was putting money in the saving account for them to automatically withdraw it every two weeks. My ex moved and forwarded his mail, since his name was first on the mortgage all my paperwork was getting forward to him. Now it gets better. I have been putting away my payment for 6months and come home one day to a eviction notice.. WHAT???? I checked my saving account and they were taking the payments out. However, after they granted me the loan modification and took my partial payments they then denied my modification due to partial payments... How confusing is this??? Oh but I can save my home if I come up with $225, 000 by December 1st. pfff if I had that kind of money I would have paid the ###er off!! Screw you Fannie Mae, I truly believe in Karma and it will come back to you... have a good day!!!

    0 Votes
  • Ld
    LDinMOBILE May 15, 2014

    Originally we found a property that we were interested in and when I contacted the listing agent I was told they couldn't show the property because it still have personal items in it, even though on home path it was on the 10th day of the first look period so after a couple days I contact Fannie Mae and apparently someone got moving because of the 8th we were notify that we could now view the property.
    We then made a offer on the FM property on May 9th our agent called us on the 10th and said that there had been another offer that was Fannie Mae was asking for best offer and that we needed to make the offer by 6:30 sunday so we counter offered $5600.00 over the asking price.
    We were contacted on the 13th and told that FM had refused our counter offer and was going with the other offer. We were unable to find out any details of why they went with the other offer, tried to contact them and was told that they did not have to disclose the reason why a offer was rejected by them, so we have no way of learning if perhaps our agent did something wrong when making our offer or so we could make sure that the same mistake was repeated. " how nice to be able to have no accountability"
    There is no transparency in dealing with Fannie Mae !! IT IS LIKE PLAYING POKER WITH SOMEONE AND YOUR BLINDFOLDED!!!
    We also used a agent that worked in the same office with listing agent.. not sure if that was a smart thing to do.

    Bottom line there should a way for Fannie Mae to be accountable, when you contact them you can never get a clear answer concerning anything you ask them!!

    0 Votes

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