Friday, November 19, 2010

FirstLook, Fannie Mae's Program

Not sure if many real estate buyers who meet the requirements of Fannie Mae's FirstLook program are aware of such a great program.  Let explain to you the advantages of the program.  Here it is, plain and simple...

NO INVESTOR COMPETITION on listed properties, typically for the first 10-15 days on market!  Now, do you understand?

Fannie Mae's innovative First Look period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants, public entities, and their partners can submit offers and purchase properties without competition from investor offers. The Neighborhood Stabilization Program was created to address the housing crisis, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes. The NSP grants that HUD has awarded are helping state and local governments, as well as non-profit developers, acquire land and property; demolish or rehabilitate abandoned properties; and/or offer downpayment and closing cost assistance to low- to middle-income homebuyers. Are you a teacher, Fireman, Police Enforcer?  Welcome to real estate.  This plan directly effects those who work within municipalities, schools and other non-profit agencies.  It's time you took advantage of some benefits especially for you within the Los Angeles real estate market and elsewhere around the country.

Fannie Mae initially rolled out its First Look initiative last fall.  Julia Dugger, Fannie Mae’s senior manager of marketing communications, says the First Look policy provides buyers looking for a primary residence with a “real opportunity” to find an affordable home without having to worry about being outbid by an investor.

Public entities, too, are taking advantage of the no-investor marketplace provided by First Look, particularly those agencies that have been awarded federal funding through HUD’s Neighborhood Stabilization Program (NSP) to purchase, rehabilitate, and resell foreclosed and abandoned properties. 

The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized. NSP1, a term that references the NSP funds authorized under Division B, Title III of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments on a formula basis.

If you would like to explore more or have further questions,

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