Fannie and Freddie Provide Advantage to Non-investor Borrowers

Potential homebuyers will now have a slight advantage over investors, based on a recent decision by Fannie Mae and Freddie Mac. In a move to encourage greater owner-occupancy and stabilize areas that have faced a high foreclosure rate, Fannie (effective January 2) and Freddie (effective December 17) are giving non-investor borrowers 20-day exclusive rights to bid on and purchase new listings. During that period, investors will not be able to submit bids. The previous exclusion period was 15 days. To qualify, buyers must commit to make the home their primary residence for at least a year.

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