The Freddie Mac First Look Initiative is an ongoing initiative which offers owner-occupant homebuyers and select non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 20 days of listing (30 days in Nevada, Cook County, IL, and the city of Detroit, MI) ...
What is HomeSteps property?
HomeSteps® is the Freddie Mac sales unit responsible for marketing and selling Freddie Mac real estate owned (REO) homes to homeowners and investors . HomeSteps manages every stage of the REO process, from handling title issues after foreclosure to working with local listing agents to facilitate a sale.
What does First Look initiative mean?
First Look is designed to promote owner occupancy and provide both owner occupants and public entities an advantage in submitting offers on Fannie Mae-owned foreclosed properties without competition from investors . ...
What is a First Look period?
First LookTM Program Details
Fannie Mae's innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to negotiate and purchase foreclosed properties before they are made available to investors.
What is a First Look period in real estate?
Fannie Mae's innovative First LookTM marketing period was recently expanded from 15 to 20 days to provide additional time for eligible owner-occupants and public entities to submit an offer on a “First Look” Fannie-Mae owned property without competition from investors.
What does it mean when a house is owned by Freddie Mac?
If Freddie Mac owns your mortgage, then your lender must have sold it to Freddie Mac — or sold it to an investor that eventually did . ... Freddie Mac only buys mortgages that meet its underwriting criteria, meaning that it considers you a good credit risk and your home a worthy investment.
What is HomeSteps financing?
What is HomeSteps? HomeSteps is the program through which Freddie Mac, one of the largest mortgage agencies in the U.S., sells its foreclosure properties . Freddie Mac's objective is to protect neighborhood home values, and the neighborhoods themselves. It spruces up its foreclosures then puts them back on the market.
What is the minimum credit score for a Freddie Mac loan?
The program usually requires a credit score of 660 or higher . At least one borrower must have a traditional credit score to qualify (non-traditional credit reports and scores are not allowed for both borrowers).
Does Fannie Mae accept low offers?
In fact, Fannie Mae encourages you to do just that. Your inspector will alert you to any issues, at which point you can decide whether to make an offer or walk away. It can't hurt to put in an offer lower than the asking rate to see if Fannie Mae will accept it, especially if you've noticed serious issues.
How long is Fannie Mae First Look period?
The two biggest players in the mortgage market, Fannie Mae and Freddie Mac, are now giving non-investor shoppers 20-day exclusive rights to bid on and buy new listings they are selling. During the 20-day “first look” period, investors will be excluded from submitting bids.
How do I buy a house from Freddie Mac?
- Step 1: Understanding what you can afford. ...
- Step 2: Down payments and PMI. ...
- Step 3: Assembling your team. ...
- Step 4: Finding the right home. ...
- Step 5: Working with your lender. ...
- Step 6: Making the offer. ...
- Step 7: Inspection and appraisal. ...
- Step 8: Closing your loan.
What does an REO on a lender's assets mean?
What Are REO Properties? Real estate owned properties are homes that have fallen under the ownership of a mortgage lender or investor. ... The lender then tries to sell the real estate owned property to minimize its losses. At that point, it becomes an REO property that often stays on the lender's books for a while.
What is a Freddie Mac First Look property?
The Freddie Mac First Look Initiative is an ongoing initiative which offers owner-occupant homebuyers and select non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 20 days of listing (30 days in Nevada, Cook County, IL, and the city of Detroit, MI) ...
Is Freddie Mac a FHA loan?
Frequently asked questions about Fannie Mae and Freddie Mac
Is Fannie Mae the FHA? No . The Federal Housing Administration is a government agency that insures loans made by lenders to borrowers with low to moderate incomes.
What is the difference between Freddie Mac and Fannie Mae?
The primary difference between Freddie Mac and Fannie Mae is where they source their mortgages from . Fannie Mae buys mortgages from larger, commercial banks, while Freddie Mac buys them from much smaller banks. ... Fannie Mae and Freddie Mac also have differences in lending requirements and programs.
What type of loan is Freddie Mac?
Freddie Mac, the informal name of the Federal Home Loan Mortgage Corp. , is a U.S. government-sponsored enterprise (GSE) that buys mortgages, combines them with other forms of loans, and sells the debt to investors on the secondary mortgage market.
