Featured Insights Markets Mortgage News

FHFA Extends the Enterprises’ REO First Look Period to 30 Days

FHFA Extends the Enterprises’ REO First Look Period to 30 Days

Through the First Look Program, the Federal Housing Finance Agency (FHFA) extended from 20 to 30 days, the period during which owner-occupants, public entities, and nonprofits will have exclusive ability to buy Fannie Mae and Freddie Mac (the Enterprises) real estate owned (REO) properties before they are available for investor purchase. Launched in 2009, the First Look Program promotes owner occupancy and neighborhood stabilization. Providing individuals, families, and nonprofits with a longer amount of time to find adequate financing should help keep owner-occupants living in these homes.

“Extending the amount of time owner-occupants have to bid on an REO property, without competition is especially important for neighborhood preservation while the supply of homes for sale is severely limited,” said Acting Director Sandra L. Thompson.

Sandra added, “By providing greater access to affordable homeownership opportunities, expanding the First Look Program is one step in addressing the gap between the supply and demand of single-family homes.”

Top Fintech Update: Doxim Places on the 2021 IDC Fintech Rankings of Top It Vendors for Financial Institutions, Including Banks, Capital Markets Firms, and Insurers

Source: FHFA.gov   

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

REDD Intelligence Closes $5.8m Equity Financing to Accelerate Global Expansion, Expand Emerging Market Research Offering, Open London Office

Fintech News Desk

American Pacific Mortgage Leverages Tavant’s FinXperience Platform to Launch Specialized Mortgage Channel

Fintech News Desk

Daily Fintech Series Roundup: Top Fintech News, Analytics and Insights

Fintech News Desk
1