""Freddie Mac"":http://www.freddiemac.com 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.[IMAGE]
""HomeSteps"":http://www.homesteps.com/ 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[COLUMN_BREAK]
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"":http://www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg/ (NSP), as well as groups affiliated with the ""National Community Stabilization Trust"":http://stabilizationtrust.com/ (NCST).
Freddie says its efforts build on the ""national First Look program"":http://www.dsnews.com/articles/reos-topic-du-jour-in-washington-2010-09-01 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"":http://www.dsnews.com/articles/fannie-mae-hones-first-look-program-for-reo-property-sales-2010-05-03.
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"":http://www.homesteps.com for more information about the First Look program and to view homes for sale.