Freddie Mac said Wednesday that it is expanding its First Look Initiative to allow _any_ home shopper to buy a HomeSteps REO home as their primary residence during the first 15 days of the property's listing, without competition from investors. The new policy takes effect Friday, September 17.
HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.
""The Freddie Mac First Look Initiative will provide America's home shoppers with an exceptional new opportunity to buy affordable homes to live in at a time when mortgage rates are at a 50-year low,"" said Chris Bowden, HomeSteps VP. ""Expanding the Freddie Mac First Look Initiative emphasizes Freddie Mac's commitment to
manage its REO inventory to help stabilize communities, foster affordable homeownership opportunities, and responsibly safeguard tax dollars.""
In addition to owner-occupant buyers searching for their primary residence, Freddie Mac's First Look 15-day window is open to buyers who are part of HUD's Neighborhood Stabilization Program (NSP), as well as groups affiliated with the National Community Stabilization Trust (NCST).
Freddie says its efforts build on the national First Look program launched by HUD and NCST on September 1, which provides an exclusive 12-day window to owner-occupant buyers and nonprofits working with NSP grantees.
In the state of Nevada, the Freddie Mac First Look Initiative offers buyers who plan to become owner-occupants a 30-day window to shop without investor competition, as does Fannie Mae through its own REO First Look program
Investment, vacation, or second home purchasers are ineligible for Freddie Mac's First Look benefit. They must wait until after the first 15 days that a property has been marketed Ã¢â‚¬" 30 day in Nevada Ã¢â‚¬" before making a play for a GSE-owned home.
Freddie says homebuyers should contact their local real estate broker or visit HomeSteps.com for more information about the First Look program and to view homes for sale.