Joe Wilson's Silicon Valley Real Estate Blog

Fannie Mae last week announced its First Look initiative, which provides owner occupants and public entities an advantage in purchasing Fannie-Mae owned foreclosed properties. With First Look, only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed.

In addition to First Look, buyers using Neighborhood Stabilization Program (NSP) funds from the U.S. Dept. of Housing and Urban Development's (HUD) Community Development Block Grant (CDBG) program, HOME Investment Partnerships Program funds from HUD, local housing trust funds, or charitable foundation funds also may qualify for additional benefits, including:

  • Deposit waivers
  • A reserved contract period, and
  • Extra time for closing

For more information about Fannie Mae's First Look initiative or the company's programs for public entities, contact publicentity_reosales@fanniemae.com. For more information about Fannie Mae-owned properties for sale, please visit www.HomePath.com.

Posted by Joe Wilson on December 2nd, 2009 4:13 PMPost a Comment (0)
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