The program kicks off today and runs through March 31, the Palm Beach Post reported. Through First Look, up to 3.5 percent of a homebuyer’s purchase price is provided to help cover closing costs. Buyers get up to 20 days to bid on a foreclosed home without competition.
Fannie Mae last ran the program in 2011.
Palm Beach County has more than 900 foreclosed homes available through First Look.
West Palm Beach broker Shannon Brink told the Post that Fannie’s program is a strong incentive for the broader housing market. But in Palm Beach County, which only has five months supply of foreclosed housing inventory, it’s not a necessity. [Palm Beach Post] — Eric Kalis