Foreclosures: Freddic Mac’s HomeSteps Program – Buying Foreclosed Homes

Freddie Mac, the government controlled agency that buy mortgages from lenders has a home foreclosure program called HomeSteps. The HomeSteps program offers buyers of foreclosed homes up to 3.5%  of a home’s price towards closing costs. The foreclosed home must be purchased for a primary residence and must be chosen on Freddie Mac’s website HomeSteps.com

Closing costs on a mortgage can run into the thousands of dollars, so this offer can help buyers who might not be able to afford a home right now. If you want to take advantage of this offer you will have to hurry, you have to submit an offer for a home before October 31,2009 and close on the home buy December 31,2009.

Now is a good time to buy a home, mortgage interest rates are near historic lows, current mortgage interest rates are near 5.00 for conforming fixed 30 year mortgages. There is also a first time home buyer tax credit of $8,000 that is good until November 31, 2009. These incentives plus the Freddie’s incentives make buying a home very compelling right now.

The HomeSteps program also includes a two year warranty on major appliances and other warranties on the foreclosed home including the following. 

• Air Conditioning
• Heating System
• Electrical System
• Plumbing System
• Water Heater
• Stove
• Microwave
• Refrigerator
• Dishwasher
• Washer & Dryer
• Garbage Disposal
• Trash Compactor
• Garage Door Opener
• Ceiling Fan

For more information on the foreclosure program visit HomeSteps.com