Will allow more time for owner occupants to purchase REO properties
Today, through the First Look Program, the Federal Housing Finance Agency (FHFA) extended from 20 to 30 days, the period during which owner occupants, public entities, and nonprofits will have exclusive ability to buy Fannie Mae and Freddie Mac (the Enterprises) real estate owned (REO) properties before they are available for investor purchase. Launched in 2009, the First Look Program promotes owner occupancy and neighborhood stabilization. Providing individuals, families, and nonprofits with a longer amount of time to find adequate financing should help keep owner occupants living in these homes.
“Extending the amount of time owner occupants have to bid on a REO property, without competition is especially important for neighborhood preservation while the supply of homes for sale is severely limited,” said Acting Director Sandra L. Thompson. “By providing greater access to affordable homeownership opportunities, expanding the First Look Program is one step in addressing the gap between the supply and demand of single-family homes.”