This bill, titled the "First Look for First-time Homebuyers Act of 2026," aims to strengthen and standardize priority access for first-time homebuyers to foreclosed properties. It mandates a 15-day exclusive "first look" period during which covered properties, defined as single-family residential properties (1-4 units) owned or foreclosed upon by specific federal entities, are only available for purchase by first-time homebuyers. This period can be extended if it increases the likelihood of a first-time homebuyer purchasing the property. During this exclusive period, covered entities must offer properties at their fair market value , determined by an independent appraisal or broker price opinion, or a publicly disclosed standardized valuation model. Properties must be listed on a publicly accessible website , clearly identifying them for first-time homebuyers and indicating the remaining days in the exclusive period. The bill also prohibits the bundling of properties during this initial 15-day window to ensure individual access for eligible buyers. To ensure compliance and transparency, the bill requires covered entities to submit biannual reports to Congress detailing offers, sales, pricing methodologies, and sale price ratios. Additionally, the Inspectors General of each covered entity must conduct annual reviews of all property sales for violations and publish these findings publicly. The legislation also mandates rulemaking within one year to establish a process for verifying first-time homebuyer eligibility.