FreddieMac’s Foreclosure Sale

FreddieMac wants to sell you a home. A foreclosed home, to be exact. And they’re willing to sweeten the deal by covering your closing costs, up to 3.5 percent of the sales price. That means a savings of over $5,000 if you were to buy a $150,000 home!

They call it "Smart Buy", a part of the HomeSteps program. This program also includes a 2-yr warranty on the home’s electrical, plumbing and air-conditioning.

"This unprecedented offer will enable HomeSteps buyers to protect against unexpected repair costs which could interfere with their ability to meet their mortgage obligation," said Chris Bowden, Vice President of HomeSteps. "Combined with our offer to pay up to 3.5 percent of the sales price in buyer's closing costs, we believe HomeSteps homes will have a competitive edge at building buyer confidence and increasing sales for our affordable homes."

It doesn’t matter where you live in the United States, and you don’t even have to be a first-time buyer to qualify. You just need to buy a home before October 30, and close on the purchase by December 31. You can even combine this with the Federal Tax Credit of up to $8,000 for even more savings!

"We expect SmartBuy's comprehensive two-year warranty and closing cost offer to help more families buy and own HomeSteps homes, which in turn will help support home values and stabilize communities," says Ingrid Beckles, Senior Vice President, Default Asset Management at Freddie Mac. "Today's announcement shows another way Freddie Mac is addressing impacted markets to achieve the goals of the Obama Administration's economic recovery effort."

Only FreddieMac-owned homes are elegible for this offer, and SmartBuy offers are not transferrable.