Fannie, Freddie give non-investor home buyers 'first look' period:
Mortgage giants Fannie Mae and Freddie Mac announced an extension of their “first look” programs, granting buyers seeking a primary residence a full 20 days to submit offers on REO properties ahead of investor competition.The expanded 20-day program took effect for HomeStep listings on or after Dec. 17. Fannie Mae’s First Look HomePath program is effective for properties listed on or after Jan. 2, 2014. The programs are designed to promote owner-occupancy in communities, which the mortgage giants believe contributes to neighborhood stabilization. Some second home purchases are also eligible for HomeSteps First Look program. However, purchases of investments or rental properties are not eligible.
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