Fannie Mae recently launched First Look Initiative. First Look is a nation-wide program to help give potential homeowners time to arrange financing when making offers on foreclosure properties owned by Fannie Mae. It gives the potential owner occupant a 15 day grace period by preventing investors from making offers during that 15 day window. Investors purchasing with cash has resulted in many first time home buyers and other potential owner occupants experiencing rejected offers. Sellers may fear the risks of mortgage loans falling through so accept the investor cash offers instead. The intention of First Look is to reverse this process and give the potential owner occupants a more equal chance to purchase the property. The hope is to bring balance and strength to local communities by encouraging home ownership. Investor offers submitted will be considered along with all other offers but only after the expiration of the First Look period.
Fannie Mae brings exciting news for first time home buyers and owner occupants.
