Industry NewsMortgage

Freddie Mac REO incentive ending

Offers due by Oct. 30 to get closing costs paid
Published on Oct 9, 2009

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by CareyBot

A program in which Freddie Mac pays some or all of the closing costs on purchases of homes in the company's real estate-owned (REO) inventory is ending this month, but Freddie will continue to provide two years of home warranty coverage on homes it sells.

Freddie Mac's SmartBuy program pays closing costs of up to 3.5 percent of a home's purchase price. On a $150,000 home, for example, SmartBuy will pay up to $5,250 of closing costs.

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