The First Look for First-time Homebuyers Act of 2026 requires federal housing agencies—including the Federal Housing Administration, Fannie Mae, Freddie Mac, and the Department of Agriculture—to give first-time homebuyers an exclusive 15-day window to purchase foreclosed properties before they can be sold to other buyers. During this period, properties must be priced at fair market value based on independent appraisals or the agency's disclosed valuation method, listed on a public website clearly marked as first-time-buyer-only, and cannot be bundled together for sale. The legislation affects only single-family residential properties with one to four units and excludes properties in the Good Neighbor Next Door Program. Each covered agency must report to Congress every six months on the number of offers and sales to first-time buyers, pricing information, and compliance; inspectors general must also conduct annual audits and publish results publicly. Agencies have one year from the bill's enactment to issue rules implementing the program, with the requirement taking effect 30 days after the final rules are issued.
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