Hoping to boost sales of foreclosed homes, Freddie Mac is offering up to 3.5 percent in closing-cost assistance to homebuyers and a $1,200 bonus to buyer’s agents for offers on HomeSteps properties received by July 31 with escrow closing on or before Sept. 30.
On the purchase of a home priced at $150,000, for example, HomeSteps will pay up to $5,250 toward closing costs. Investors are not eligible for Freddie Mac’s HomeSteps summer sales promotion — only homes sold to owner-occupants qualify.
Similar closing-cost incentives offered by Fannie Mae on HomePath properties this spring require escrow to close by June 30, with Fannie Mae advising that offers submitted after May 15 may not meet that deadline.
In its most recent quarterly report to investors, Freddie Mac reported 65,159 single-family homes in its "real estate owned" (REO) inventory at the end of March, down 10 percent from Dec. 31 but up 21 percent from the same time a year ago.