First Look for First-time Homebuyers Act of 2026
Sponsored By: Representative Barrett, Tom [R-MI-7]
Introduced
Summary
15-day first-look priority for first-time homebuyers. This bill requires certain single-family homes owned or foreclosed by federal housing entities to be offered only to first-time buyers for a set 15-day window after the property is listed. It also sets pricing, posting, reporting, and oversight rules to track outcomes and enforce the window.
Show full summary
- First-time homebuyers: They get an exclusive 15-day chance to buy eligible 1- to 4-unit homes. Listings must use a fair market value from an independent appraisal or broker price opinion within 60 days of listing or a disclosed standardized valuation model.
- Covered entities and processes: The Federal Housing Administration, Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and the Department of Agriculture must post eligible listings publicly, verify buyer eligibility, ban bundling during the 15-day period, and complete rulemaking to implement the changes.
- Accountability and data: Each entity must report to Congress every 6 months on offers and sales to first-time buyers and on pricing methods, and Inspectors General must review prior-year sales annually and publish results.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
15-Day First Look for First-Time Buyers
If enacted, this bill would give first-time homebuyers an exclusive 15-day window to buy certain homes. The 15-day period would begin on the listing date and apply to 1- to 4-unit single-family properties owned or foreclosed by federal housing entities (FHA, FHFA, Fannie Mae, Freddie Mac, and USDA). During the window, the property would be offered at fair market value based on an independent appraisal or broker price opinion done within 60 days. If no recent appraisal or opinion exists, the entity could use its standardized valuation model only if it publicly explains the method. Sellers would post listings on a public website, label them as for first-time buyers, show the remaining days, and not bundle properties. The period could be extended only if that would increase the chance a first-time buyer purchases the home. Agencies would publish semiannual reports on offers and sales and Inspectors General would review yearly. Each covered entity would have to issue rules, including a process to verify first-time buyer status, within one year, and the rules would take effect 30 days after final rulemaking.
Sponsors & CoSponsors
Sponsor
Barrett, Tom [R-MI-7]
MI • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov