Freddie Mac Adds First Look Initiative to It's HomeSteps REO Properties

By
Mortgage and Lending with Guaranteed Rate NMLS# 2611 NMLS #151088


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.

 

 

Posted by

 

It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

 

Programs Include:

 

  • Conventional (Fannie Mae & Freddie Mac)

  • FHA, USDA, & VA

  • Jumbo to $3,000,000

  • Bank Statement Program for Self-Employed Borrowers

  • Foreign National Program

  • Investor Cash Flow

  • Non-Warrantable Condos

  • Georgia Power Leaseholds for Lake Burton, Rabun, & Seed

 

  • ************************************************************************************************************
  • Rodney Mason is a Licensed Branch Manager located in Atlanta, GA.   He can be reached at (404) 591-2453.
  • Providing financing for all cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

    Providing financing for all cities across Alabama including:
    Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

  • Providing financing for all cities across Florida including: Altamonte Springs, Atlantic Beach, Boca Raton, Bradenton, Cape Coral, Clearwater, Coral Springs, Daytona Beach, Delray Beach, Destin, Fort Lauderdale, Fort Myers, Fort Walton Beach, Gainesville, Hollywood, Homestead, Jacksonville, Jupiter, Key Largo, Key West, Lake City, Largo, Marathon, Mexico Beach, Miami, Naples, New Smyra Beach, Ocala, Orlando, Palm Coast, Panama City Beach, Pensacola, Pompano Beach, Port St Joe, Sanibel Island, Sanford, Sarasota, St Augustine, St Petersburg, Tallahassee, Tampa, Vero Beach, West Palm Beach, & Winter Park, and many more.

 

  • Providing financing for all cities across South Carolina including: Aiken, Anderson, Beaufort, Bluffton, Charleston, Columbia, Conway, Edisto Island, Florence, Greenville, Hilton Head, Johns Island, Myrtle Beach, North Augusta, Orangeburg, Rock, Hill, Spartanburg, Sullivans Island, Summerville, and many more.  
  •   

    Providing financing for all cities across Tennessee including: Athens, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Cookeville, Dyersburg, Franklin, Gatlinburg, Greeneville, Johnson City, Kingsport, Knoxville, Maryville, Memphis, Morristown, Murfreesboro, Nashville, Newport, Oak Ridge, Pigeon Forge, Sevierville, and many more

 

All mortgage lending guidelines are accurate at time of post, but are subject to change without notice.  Please call for the most current information.

    

           

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Georgia
Groups:
Atlanta Real Estate Q&A
North Georgia Real Estate
Georgia Association of REALTORS®
REO ALABAMA
MetroAtlantaRealEstateProfessionals
Tags:
second home
home
investment property
atlanta
georgia
alabama
reo
freddie mac
primary residence
foreclosure
al
ga
mortgage
homesteps

Spam prevention
Show All Comments
Rainer
163,254
Ryan Case
SCA Real Estate - Anaheim, CA
877-828-0710

I dont think this program works, considering we have more investors buying than homeowners in our area!

Sep 19, 2010 05:28 PM #1
Rainmaker
421,801
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

It's essentially the same thing that HUD and Fannie Mae currently do.  Neither of those allow investors to purchase a property with a certain number of days of it being listed. 

Sep 20, 2010 03:12 AM #2
Anonymous
Ibarra, Ricardo Perez

Can  1st. look violations be reported to a web link?

will reported 1 st look violations be investigated and enforced?

Will completed 1st look violation investigations results be posted in another web link

 

Jan 13, 2011 10:50 AM #3
Rainmaker
421,801
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN
I am not seen anything about reporting violations.
Jan 13, 2011 07:57 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
421,801

Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN
Ask me a question
*
*
*
*
Spam prevention

Additional Information