Buy a Foreclosure, Get a Break on Closing Costs


Freddie Mac is stepping in to make buying a bank-owned home a sweeter deal for you, reports Inman News. The agency is offering help with closing costs for buyers of Freddie Mac-owned properties. The catch is, you have to act fast. Offers must be in by July 31, and purchases have to close escrow on or before Sept. 30. See Inman News for the full story.

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.

Read the full story at Inman News.

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