HomeSteps currently offers financing for qualified buyers in ten states - Alabama, Florida, Georgia, Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Texas, and Virginia. These warranties cover many repair costs for homeowners, removing much of the uncertainty that can comes with a pre-owned house. While there is no guarantee that an individual property will be sold at a discount, Freddie Mac says that on average, their homes sell for 95 percent of market value.īuyers who purchase these homes get a $500 credit for a home warranty. HomeSteps properties are cleaned and often repaired with new paint, flooring, and appliances. HomeSteps Advantages For Buyersįreddie Mac’s program comes with a number of benefits that buyers won’t find via a standard foreclosure home purchase. But how can buyers benefit? By purchasing a home at a discount, with better mortgage terms. This promotes vibrant, populated communities. It spruces up its foreclosures then puts them back on the market. HomeSteps is the program through which Freddie Mac, one of the largest mortgage agencies in the U.S., sells its foreclosure properties.įreddie Mac’s objective is to protect neighborhood home values, and the neighborhoods themselves.
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