EDITORS NOTE: this post was written back in November 2011 – incentives may or may not be currently available.
Freddie Mac is sweetening the pot for qualified REO’s (Freddie Mac foreclosed homes) in Washington with their HomeSteps program. HomeSteps SmartBuy provides buyers with a two year home warranty and up to 30% savings on new appliances.
What’s New? Freddie Mac is trying to warm up home sales with their Winter Sales Promotion. Washington state has been added to this program!
Homebuyers may receive a credit of up to 3% towards closing cost for offers received between November 15, 2011 and January 31, 2012 that are closing on or before March 15, 2012. This is for owner occupied homes only.
Freddie Mac’s REO program, HomeSteps, is different than Fannie Mae’s Homepath. Fannie Mae offers special terms on their REO’s (foreclosed homes) however, Freddie Mac’s program is incentives for the buyer (no special financing programs). Home buyers who are interested in buying a Freddie Mac HomeSteps property can use ANY type of financing, including conventional, FHA, VA or USDA.
To see which homes are available for the HomeSteps program, you can search here. As of the publishing of this post, there are 53 Freddie Mac homes listed in Seattle; 209 homes in King County and 628 in Washington state.
If you are interested in buying a Freddie Mac HomeSteps property any where in Washington state and require a mortgage, I’m happy to help you!