Help from Fannie and Freddie for foreclosed homes. Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes owned by Fannie and Freddie. Home buyers have until Oct. 30 to apply for Freddie Mac's SmartBuy program, which started in July, and offers up to 3.5 percent of a home's sale price to help cover closing costs.
To qualify, the home must be a principal residence and must be selected from Freddie Mac's HomeSteps Web site (www.homesteps.com/homeshoppers.htm) for its foreclosed properties. Loans must close by year's end. The HomeSteps properties also include two-year warranties on major appliances and electrical, plumbing, and air-conditioning and heating systems.
Fannie Mae's HomePath program (www.homepath.com) is an ongoing program and offers more incentives than Freddie Mac's. Through participating lenders, Fannie will offer mortgages to buyers who make a down payment of 3 percent. The buyers do not have to secure private mortgage insurance, a common practice with nearly all lenders. Home buyers also can negotiate for Fannie Mae to offer closing-cost assistance. Unlike Freddie Mac's program, Fannie's assistance level is not capped. Under the HomePath program, the average participating homeowner has received payments equivalent to 3.75 percent of the loan's value.
ZIP Codes: 91360, 91361, 91362, 91320, 93065, 93063, 93021, 91320 Location Characteristics: Beautiful weather, award winning school district, and a fabuluos location between Los Angeles and Santa Barbara.
About Adela Anderson:
Giving Service and Selling Houses since 1989. “I will focus all of my energy and resources with uncompromising honesty and integrity toward meeting your real estate goals.” “I will provide you with my knowledge, skills and enthusiasm, ensuring that YOU experience a successful and profitable real estate transaction.” “I will earn the right to be your Realtor for life.” Adela Anderson
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
