Freddie Mac First Look Initiative
Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative.
This on-going initiative offers owner occupant homebuyers, second home purchasers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing, without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their residence.
The initiative supports Freddie Mac's mission to stabilize communities and support housing recovery through the creation of affordable homeownership opportunities. Please read the following section below to familiarize yourself with the initiative.
First Look Eligibility and Identification
During the first 15 days (30 days in Nevada), a home is listed for sale in the Multiple Listing Service ("MLS"), HomeSteps will consider purchase offers from owner-occupants, second home purchasers, public entities or their designated partners. Buyers intending to purchase the property for investment or similar purposes may submit offers to the listing broker and HomeSteps will consider them after the initial 15 listing days have expired.
All listed HomeSteps homes are eligible for inclusion in the First Look Initiative.
Agents may contact the HomeSteps listing broker with questions regarding the eligibility of a home; this information will also be included in MLS home listing information.
15-Day Window for Offers
Buyers must have their broker check the MLS or contact the listing broker to determine how many days are left under the First Look.
Affidavit of Owner Occupancy
The buyer and their selling agent must sign an affidavit affirming that the buyer will occupy the home as their residence. Parties that fraudulently sign the affidavit may be subject to criminal or civil liability.
Second home purchasers now qualify for the First Look.
- Organizations engaged in neighborhood stabilization do not have to sign the Affidavit of Owner Occupancy, however, they must provide written documentation proving their nonprofit or governmental status and evidence of their neighborhood stabilization mission.
Info for Listing Brokers
If you are a HomeSteps Listing Broker and would like more information on this program, please visit the Supplier Community and download the Supplier Update.