Fannie & Freddie Give Buyers Extended Opportunity
Fannie Mae and Freddie Mac recently extended the time period for their First Look programs. Fannie Mae’s HomePath and Freddie Mac’s HomeSteps programs now give homebuyers who are seeking a primary residence 20 days to get an accepted offer on a foreclosed property before investors can get involved. Investors typically have a leg-up on everyday homebuyers because they can buy a property with cash, which is more appealing to the seller. Fannie Mae and Freddie Mac, however, recognize that primary residence households invest not only in their homes, but in their communities as well. At a time when entire neighborhoods have suffered from the foreclosure crisis, this is an attempt to give individual households and entire communities an opportunity to rebound from the recession.