Fannie and Freddie Mac to give first priority to owner occupant home buyers

News came out today via the National Association of Realtors that any foreclosed property sold by Fannie and Freddie Mac will need to give top priority to owner occupant home buyers.

Couple of requirements that need to be made--
-The lender needs to do everything possible for the owner to stay in the property.



-In the event the property becomes and REO (or foreclosed property), the owner occupant home buyers will only be considered in the first 20 days of the sale.  After 20 days, investors will have the opportunity to purchase the property.

http://www.fhfa.gov/Media/PublicAffairs/Pages/Non-Performing-Loan-%28NPL%29-Sale-Requirements.aspx

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