Fannie Mae is changing its former Homepath program. The new program, dubbed, "First Look" appears as if it will be very beneficial to First time and owner occupant buyers. There is going to be a 15 day period where only owner occupants will have a chance to get in on the ground floor.
This is actually "great news" for first time buyers and owner occupant buyers. This program is somewhat similar to the HUD program which gives owner occupants a 10 day running start.
In my experience, many owner occupants have been "outbid" or even underbid by investors with Cash. The listing Banks preferred to take the cash instead of waiting out the the possibilites of the owner occupant getting a mortgage.
With this new Fannie Mae First Look program coming up in 2010, if you are going to occupy the home yourself and even if you need a mortgage to do so, you will now have the first shot!
Here is the link to the Media announcement from Fannie Mae to learn more about this program.
Keep tuned to this Rhode Island Real Estate blog to find out more, as it happens!
