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Fannie Mae has announced a new initiative which gives owner-occupant home buyers a head start on would-be investors. The program, called "First Look" prohibits investors from submitting contracts on Fannie Mae foreclosures (Fannie Mae REOS) the first 15 days they're put on the market for sale.
The First Look Initiative is aimed to help first-time and low-income home buyers who are interested in buying a home to live in. With the government tax refund extended to April 30 (must have a signed, executed contract for a home purchase by that date), and the outrageously low interest rates, starter homes in Dallas/Fort Worth should continue to sell briskly.
The First Look Initiative also allows longer closing periods, and lower earnest money deposits for owner-occupant home buyers. Hopefully, it will get some deserving families into some homes they can enjoy.
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