To help in efforts to stabilize and revive communities hit hardest by foreclosures, Freddie Mac has planned to auction off hundreds of HomeStep REO Properties before the end of April to individual buyers.  HomeSteps is the division of Freddie Mac that markets properties owned by Freddie Mac.  Combined with the federal tax credit, homebuyers have great financial advantages when they purchase a HomeStep property now. Freddie Mac has scheduled auctions for the last week of April in certain areas hoping to make it possible for bidders to purchase a home and still be eligible for the federal tax credit, which requires buyers to ink their names to a contract by April 30.

Freddie along with the Neighborhood Stabilization Program are helping homebuyers that may be eligible for closing cost and down payment assistance when they purchase abandoned or foreclosed homes in communities that have been hit the hardest in the economic downturn.  With the purchase price of a home that is greater than $25, 0000 buyers will also benefit from HomeSteps’ SmartBuy program with the two-year limited home warranty on homes sold as primary residence. These homes have been removed from the market, inspected, repairs made and being sold in “as is” condition.
 
It is hoped that owner-occupants will be the key to revitalizing and strengthening the neighborhoods hit hardest by the economy. Along with Freddie Mac, programs such as the NSP and the federal tax credit, first time buyers and owner occupant buyers will turn hundreds of foreclosed properties into homes for deserving families.  Mortgage giants are working with Freddie and buyers that do not qualify for NSP loans by hosting one day events giving exclusive opportunities to purchase HomeSteps homes.

By riding this wave of federal assistance first time home buyers have an opportunity to purchase a great home and Freddie Mac has the opportunity to put a dent in their inventory of foreclosed properties.   Combined with today’s low mortgage rates and the federal tax credit families can take advantage of this convergence and get an exceptionally attractive value.