Things You Need to Know about Fannie Mae’s First Look Program
If you’ve been on the fence about purchasing a
foreclosure home, you may want to act fast. Especially if you found a sweet
foreclosure deal on Fannie Mae’s HomePath resale marketing site. That’s because
the “First Look” program is quickly coming to an end for qualified homebuyers
to submit their offers. Here are 3 things
you need to know about Fannie Mae’s First Look program.
Initially the First Look program is
available to homebuyers first to disallow bids from investors on foreclosed
homes during the first twenty days after being listed to cut back on the bid
competition. But after that, investors are free to jump in. So at this point,
everyone, from homebuyers to investors can get in on this deal.
2.) Fannie Mae’s
cash incentive First Look program is
designed to save homebuyers cash as well as reduce their huge inventory of
foreclosed homes flooding the market. As a result, Fannie Mae is temporarily offering qualified owner-occupant
purchasers 3.5 percent of the purchase price toward closing costs.
3) About 31,000 of these foreclosed properties are
listed on Fannie Mae’s resale
marketing site at www.homepath.com. But in
order to take advantage of this new program, you have to act fast! Originally,
to be eligible for the incentive, the initial offer must have been submitted
before March 31 and closed on or before May 31. But thanks to a recent
extension, the initial offer must now be submitted by April 30th and close on
or before June 30th.
isn’t the only one offering foreclosed home buying incentives. Freddie
Mac also has thousands of foreclosed home in their inventory available on
their HomeSteps resale marketing site
as well. Their First Look program offers an up to $500 homebuyer incentive.
If you have questions about purchasing a foreclosed home in the Las Vegas area,
please contact the Simply Property
Property Management – Paielli Realty, Inc.
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