Freddie Mac's First Look gives homebuyers 15 days to buy without investor competition
Freddie Mac has announced that it is expanding the Freddie Mac First Look Initiative on Sept. 17, 2010 so that any home shopper can buy a HomeSteps home as their primary residence during the first 15 days of the property's listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes. The Freddie Mac First Look Initiative supports Freddie Mac's mission to stabilize communities and foster affordable homeownership opportunities by giving homebuyers 15 days to buy a HomeSteps home as their primary residence without investor competition. "The Freddie Mac First Look Initiative will provide America's home shoppers with an exceptional new opportunity to buy affordable homes to live in at a time when mortgage rates are at a 50-year low," said Chris Bowden, vice president, HomeSteps. "Expanding the Freddie Mac First Look Initiative emphasizes Freddie Mac's commitment to manage its REO inventory to help stabilize communities, foster affordable homeownership opportunities, and responsibly safeguard tax dollars." This announcement builds on the national First Look effort the U.S. Department of Housing & Urban Development (HUD) and National Community Stabilization Trust (NCST) launched on Sept. 1, 2010 to provide an exclusive 12-day window to owner-occupant buyers working with Neighborhood Stabilization Programs (NSP) grantees non-profits working with NCST. For more information, visit www.freddiemac.com.