First Look program aims to build stronger communities by allowing owner occupants a better chance at buying foreclosed properties.

Fannie Mae’s new First Look program gives non-investor homebuyers a 15-day edge over investors for newly listed foreclosure properties. This is great news for homebuyers who have had troubles getting their offers accepted when competing against all-cash investor-buyers.

Under the new First Look program, only offers from owner occupants and buyers using public funds (or government enties) will be considered during the first 15 days a property is on the market. After that initial 15 day period expires, then the investor-buyers can come in and make offers as well.

In some areas, this program is being used in combination with Neighborhood Stabilization Programs (NSP) to provide down payment assistance to qualified homebuyers. NSP funds are also being used in partnership with other nonprofits to fix up foreclosed homes and then offer them for sale to low to moderate income buyers in conjunction with other assistance programs.

In the Santa Clarita area we don’t see a lot of Fannie Mae foreclosures, but this does give first time homebuyers a better chance at avoiding the all-too-common bidding wars where low down payment or FHA buyers typically lose out to investors.

Santa Clarita Realtor Linda Slocum is a Certified Distressed Property Expert (CDPE) and Certified Residential Specialist (CRS) specializing in Santa Clarita residential real estate, foreclosures and short sales. You can reach her at 661.670.0349 or at Linda@SantaClaritaRealEstateBlog.com. To search for Santa Clarita homes, use our neighborhood search tools or visit HoneyStartPacking.com.

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.