Freddie Expands First Look Program

Posted by Orb Staff on September 16, 2010 No Comments
Categories : Mortgage Servicing

Starting Sept. 17, Freddie Mac is expanding its First Look Initiative so that any home shopper can buy a HomeSteps home as his or her primary residence during the first 15 days of the property's listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of the company's real estate owned (REO) homes.

In Nevada, owner-occupant buyers will have up to 30 days to buy a Freddie Mac REO without investor competition.

Freddie Mac says the announcement builds on the national First Look effort the U.S. Department of Housing and Urban Development and National Community Stabilization Trust launched on Sept. 1 to provide an exclusive 12-day window to owner-occupant buyers working with Neighborhood Stabilization Programs grants.

The Freddie Mac First Look Initiative will provide a 15-day window to buyers working with NSP and Stabilization Trust-affiliated groups.Â

SOURCE: Freddie Mac

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