Freddie Mac offers 'First Look' on REOs

Buyers seeking primary residence get priority over investors

Following the lead of Fannie Mae, Freddie Mac is expanding its "First Look" program to give buyers who are looking for a home to live in, rather than flip, an opportunity to buy without competition from investors.

Fannie Mae rolled out its "First Look" program nationwide last November, saying it would accept offers only from buyers who intend to be owner-occupants or those using public funds during the first 15 days a Fannie Mae property is on the market. Offers from investors are considered only after the first 15 days have passed.