Fannie Mae “Five Steps” and HUD’s “First Look” programs

Fannie Mae "Five Step" Guides

Fannie Mae recently released three "Five Step" guides offering information to current homeowners, those considering the purchase of a home, and homeowners at risk of default. Each guide include: "Actions to Take Before Buying a Home", "How Housing Counselors Can Help", and Protect Yourself from Mortgage Modification Scams". Find the guides at www.FannieMae.com/kb/index?page=home&c=fivesteps

* * * * * *

HUD's "First Look" Program

Nonprofit groups and state and local governments participating in the Department of Housing and Urban Development's (HUD's) Neighborhood Stabilization Program will receive preferential opportunity to purchase REO's from the agency's inventory. The program, called "First Look", grants these organizations the opportunity to purchase REO properties during the period from conveyance of the property to 14 days, when they are listed per HUD procedures. "First Look" buyers also will receive a 10-percent discount off of the appraised value. The program is effective through May 31, 2013.

Great information from the Calif. Association of Realtors Sept.2010 magazine