Freddie Mac is expanding its First Look Initiative, enabling any home shopper to buy a HomeSteps home as their primary residence during the first 15 days of the property’s listing without competition from investors.
The expansion will go into effect on Sept.17, according to a statement. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.
"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," said Chris Bowden, vice president, HomeSteps.
The expansion of the initiative builds on the national First Look effort the U.S. Department of Housing and Urban Development and National Community Stabilization Trust (NCST) launched on Sept. 1 to provide an exclusive 12-day window to owner-occupant buyers working with Neighborhood Stabilization Programs grantees non-profits working with NCST, according to a statement.
