FHA First Look Sales Method for NSP Grantees
Note: On October 31, 2011, The FHA First Look Program moved to the National Community Stabilization Trust's REOMatch platform to receive purchase assistance for all FHA First Look properties.
New and existing NSP grantees should contact the National Community Stabilization Trust (firstname.lastname@example.org) as soon as possible to obtain log-in information for the FHA Portal in REOMatch, and register for a special web-based training on viewing and purchasing FHA First Look Properties through the website.
FHA First Look Background
The Offices of Community Planning and Development (CPD) and the Federal Housing Administration (FHA) collaborated to create the FHA First Look sales method to help further the missions of both CPD and FHA. The First Look sales method, announced on July 15, 2010, provides NSP grantees and their program partners ("NSP grantees") with exclusive access to review and purchase newly conveyed FHA real estate-owned (REO) properties located in NSP designated areas before they are listed for sale to the general public. As part of the National First Look program, announced on September 1, 2010, FHA and other REO properties including those held by Fannie Mae and Freddie Mac are made available for sale to NSP grantees prior to being made available to the general public.
FHA First Look Sales Method–Benefits to NSP Grantees
The FHA First Look sales method offers NSP grantees a "first look" at newly conveyed FHA properties. The properties are offered for sale for a limited period of time exclusively to NSP grantees at a 10% discount off the appraised value of the property. Grantees receive automatic notification from NCST when new properties are available for purchase.
Eligible Purchasers of FHA REO Properties
NSP1, 2, or 3 grantees and program partners to include: nonprofit organizations/developers, subrecipients, subawardees, and consortium members. For-profit organizations are NOT eligible to participate in the FHA First Look sales method.
- FHA First Look Sales Method Under NSP: Increased Discount on Sales Price for Certain Properties and Clarification of Effective Dates
Date Published: January 2013
- The National First Look and Beyond - A Comprehensive Strategy for Accessing Property Webinar
Date Published: June 2012
- Purchasing Foreclosed Homes: How First Look Works Webinar
Date Published: March 2012
- HUD NSP Policy Alert: Guidance on the National First Look Program and the FHA First Look Sales Method
Date Published: September 2010
- FHA First Look Sales Method for Grantees, Nonprofit Organizations, and Subrecipients under NSP - Docket No. FR-5410-N-01
Date Published: July 2010
- Unified NSP1 and NSP3 Notice - October 19, 2010
Date Published: October 2010