The Federal Housing Finance Agency announced that it was extending the time that owner-occupants can view and purchase foreclosure listings over investor competition.
Individuals, families, and nonprofits now have 30 days—up from 20 days—to exclusively bid on real-estate-owned properties under Fannie Mae and Freddie Mac’s First Look programs. This will allow them to bid on foreclosure properties ahead of when these homes will be available for investor purchase.
The First Look Program, launched in 2009, was created to promote owner occupancy and neighborhood stabilization.
“Extending the amount of time owner-occupants have to bid on an REO property, without competition is especially important for neighborhood preservation while the supply of homes for sale is severely limited,” says Sandra L. Thompson, acting director of FHFA. “By providing greater access to affordable homeownership opportunities, expanding the First Look Program is one step in addressing the gap between the supply and demand of single-family homes.”