WASHINGTON -- Fannie Mae says it won't consider offers from investors to buy its foreclosed properties until they have been on the market for 15 days.

During that period, Fannie Mae will only consider bids from buyers who intend to live in the homes, or those using public housing funds. Fannie Mae says the First Look initiative announced Tuesday applies to more than 72,000 properties nationwide.

For buyers using money from public entities such as the Department of Housing and Urban Development, Fannie Mae also will waive deposits, allow buyers to renegotiate after an appraisal, and receive up to 45 days rather than a typical 30 days for closing.