Investment Consulting

Monday, February 24, 2014

First Look™ Program From Fannie Mae

First Look™ Program From Fannie Mae

Fannie Mae's innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors.



Details include:

- First Look is typically the first 20 days a property is listed on HomePath (Nevada is 30 days).

- Properties in the First Look period have a countdown clock on the property information page of HomePath displaying the days remaining to purchase.

- Eligible buyers during First Look are owner occupants, public entities and their partners, and some non profits.


First Look™ Program From Fannie Mae


Owner occupants are those buyers that will occupy the property as their principal residence within 60 days of closing and will maintain their occupancy for at least 1 year. Owner-occupant purchasers are required to sign an Owner Occupant Certification as a rider to the Real Estate Purchase Addendum. A buyer purchasing in the name of a trust, purchasing as a vacation/part-time residence, or purchasing so another person or relative can live in the property will typically be considered an investor and not eligible during First Look.

Investor offers submitted after the First Look period expires will be considered along with all other offers.

If you can't find the First Look house you want, don't give up. Freddie Mac, the other giant federal mortgage investor, also has thousands of foreclosed homes that it's trying to dispose of — and its own First Look program — at its HomeSteps marketing site. Though Freddie currently has no closing cost incentive offer, it does provide a $500 allowance toward the purchase of a home warranty policy, and it promotes special mortgage financing options on houses in some areas. If you qualify, that could mean a loan with no mortgage insurance, no appraisal and a 5% maximum down payment.

Share This