Fannie Mae’s innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors. Details include:
First Look is typically the first 15 days a property is listed on HomePath.com (Nevada is 30 days).
Only owner occupants (buyers who will occupy the home as their primary residence), some non profits, and public entities and their partners can submit offers and purchase properties.
Properties in the First Look period have a countdown clock on the property details page, displaying the days remaining to purchase.
Investor offers submitted after the First Look period expires will be considered along with all other offers.
Ask a Fannie Mae listing broker for more details. If you are concerned that the First Look marketing period is not being handled appropriately on a particular property, contact the Fannie Mae Resource Center immediately at 1-800-732-6643.
Financing Assistance Programs
Many state and local housing authorities offer financing programs that can assist you with the down payment and purchase of your new home. Additionally, HUD’s Neighborhood Stabilization Program (NSP) provides homebuyer funds through special financing programs.We support public funds programs and offer additional assistance to the buyer, including the following:
Earnest money requirement for individuals using public funds is only $500. Fannie Mae waives the earnest money requirement for public entities using public funds to purchase a Fannie Mae- owned property.
Once an offer using NSP funds is accepted, buyers have the opportunity to renegotiate after receiving an NSP required Uniform Residential Appraisal value for the property.
The standard closing period for a public funds offer is 45 days, which allows time to fulfill the NSP requirements for funding.
Buyers using public funds to purchase a home can do so without competition from investors during the First Look marketing period (typically the first 15 days on the market).
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