Nov. 24, 2009
WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced that the company has launched several initiatives supporting neighborhood stabilization and promoting home purchases by owner occupants and buyers qualifying for public entity housing programs.
To provide owner occupants and public entities an advantage in purchasing Fannie Mae-owned foreclosed properties, the company has created the First Look initiative.
With First Look, only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market.
Offers from investors will be considered only after the first 15 days have passed.
“First Look provides owner occupants and public entities that are committed to the community an early opportunity to purchase one of Fannie Mae’s Real Estate Owned properties,” said Terry Edwards, Executive Vice President for Credit Portfolio Management at Fannie Mae. “As a result, we believe First Look will help us make progress toward stabilizing neighborhoods and building stronger communities in this difficult market.”
In addition to First Look, buyers using Neighborhood Stabilization Program (NSP) funds from the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) program, HOME Investment Partnerships Program funds from HUD, local housing trust funds, or charitable foundation funds may also qualify for the following benefits:
- Deposit Waivers – Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual homebuyers who have qualified for public funds and want to purchase a Fannie Mae-owned property do not have to meet the usual earnest money/deposit requirement. Deposits for these buyers can be as low as $500.
- Reserved Contract Period – Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an NSP-required appraisal.
- Extra Time for Closing – Buyers receive up to 45 days to close — 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.
Fannie Mae’s First Look initiative was piloted in August and is rolling out across the country. Initial response to the initiative has been positive.
http://www.fanniemae.com/newsreleases/2009/4868.jhtml?p=Media&s=News+Releases
so I cannot use my own money to buy a house, fix it up, and rent it…but rather I can use “public” funds (read: your tax dollars) to do the same thing? Where do I sign up for some of that public money to risk/waste…
down is up, black is white, deeper and deeper into Wonderland we go…
WASHINGTON – The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday.
The administration will announce its expanded program on Monday, Treasury spokeswoman Meg Reilly said.
“We are taking additional steps to enhance servicer transparency and accountability,” Reilly said. She said the goal was to increase the rate that troubled home loans were converted into new loans with lower monthly payments.
http://www.msnbc.msn.com/id/34189229/ns/business-economy_at_a_crossroads/from/ET
Looking only at the MSNBC article, it does not look like they are changing the HAMP program except to delay payments to servicers until they make trial mods permenant, and jawboning about servicers who are not processing enough HAMP loans.
If they were paying servicers at the trial mod stage, no wonder so few of them are becoming permanant.
It is also not logical that this is in part a response to increased unemployment. The HAMP program requires the borrower to make regular income to qualify.
Sigh…
Just force banks to realize their losses this will bring down prices. Banks need to learn that there are consequences for making poor loans.
Anytime you feel the need to criticize jtr for his video presentations ( I never have jtr ) take a look at this shyster in Fl for comparison purposes. Larry Yun should use this as a “How NOT to do it video”.
WHO would deal with this douche?
ps: check out the ‘skinny’ door in the bathroom leading to the ‘patio’ -lol jeez, I just threw up my coffee, half of americans couldn’t fit through that opening.. This place/dumpsite was built with probably stolen materials from other job sites. No one could on-purpose engineer such a sh*thole for a brand new home…
Do they have building codes in Florida?
http://www.dailymotion.com/video/x5ymem_7720-ficqutte-rd-windermere-fl_people
So….what does this mean to me, as someone who hopes to purchase a home? Does this mean I would have a 2 week window to make offers on those properties without competing with flippers/developers? Do I have to be low-enough income to qualify for public programs?
Quite frankly, I would like to see ALL SFHs have a 2-week “owner occupied offers” waiting period–maybe it would help people who want to and can purchase homes get into one at a reasonable price, and cut out some of the speculation going on.
How do they make sure the buyer lives there? Honor system?
clearfund, the answer is ACORN.
On some websites, the answer is always ACORN. ACORN killed my dog, got my daughter pregnant, fired me, caused my car to break down, etc.
In most cases, doesn’t this really mean “Waste 15 days”? 15 days is money.
Sigh, it just means you have a few more homes you should ignore in your home search. Won’t really affect you at all.
I love the idea of giving real families a chance to own their own home without having to compete with specuvestors. But we’ve been down this road before… 😉