Contact to us

News

Know about market updates

What is the Freddie Mac First Look Initiative?

Freddie Mac sells foreclosed homes to the general public, but its First Look initiative gives owner-occupied borrowers priority opportunity to buy the home. Owner-occupied borrowers are those who will live in the home themselves as their primary residence. The purpose of First Look (which is currently available in only a few states) is to create neighborhood stability by reducing the number of homes sold to outside investors. In order to buy a home through First Look, you must use a licensed real estate agent to place the bid. If the bid is accepted, you have to find financing, either through Freddie Mac HomeSteps or another lender.

Key Takeaways:

  • When Freddie Mac forecloses on a home the home goes into a newly instituted program called HomeSteps.
  • The new program ensures that the borrowers living in the foreclosed property are given the first option to buy.
  • HomeSteps, which was created to create greater community stability, is so far only available in a few states.

“Freddie Mac started the program in an effort to sell the foreclosed homes to those that will live in the home themselves.”

Read more: https://www.blownmortgage.com/freddie-mac-first-look-initiative/

Leave a Reply

Your email address will not be published. Required fields are marked *