The Freddie Mac First Look Initiative now gives home buyers 15 days of exclusive access to buy a HomeSteps property as their primary residence.
Freddie Mac announced today that it is expanding the Freddie Mac First Look Initiative on its HomeSteps listings. The First Look Initiative goes into effect on September 17, 2010. According to 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."
What is HomeSteps?
HomeSteps is the national real estate sales unit of Freddie Mac. HomeSteps markets all Freddie Mac owned properties to the local marketplaces. HomeSteps is not a loan program or any type of special financing.
What does this mean to potential buyers?
During the first 15 days of the property's listing, buyers will be limited to those looking to purchase a HomeSteps® property as their primary residence. This will eliminate some of the early on competition that owner occupant buyers face from cash ready investors.
Why is Freddie Mac doing this?
The Freddie Mac First Look Initiative to designed to help support Freddie Mac's commitment to stabilize communities by giving more housing opportunities its residents.
Can I purchase an Investment Property or Second Home using the First Look Initiative?
No, the First Look Initiative is for Owner Occupied Properties only.
Can I purchase a HomeSteps property as a Second Home?
Yes, but only after the home has been listed on the market for 16+ days.
Can I purchase a HomeSteps property as an Investment Property?
Yes, but only after the home has been listed on the market for 16+ days.
Who do I contact about a HomeSteps property?
All buyers should contact their local real estate agent for more information. Buyers can also visit www.homesteps.com for additional information.
For financing questions, please call (404) 591-2453.
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