The Real Deal Miami

Freddie Mac REO help program ending soon

October 06, 2009 01:15PM

Buyers hoping to take advantage of Freddie Mac’s HomeSteps SmartBuy program will need to act quickly: it is expiring at the end of the month. The program, which was initiated in July, covers up to 3.5 percent of closing costs for buyers able to close on REOs, or real estate owned by lenders and investors. To qualify, buyers must make their initial offers by the Oct. 30 deadline and close by Dec. 31. Freddie Mac also runs a program for renters of foreclosed properties, which allows the owners of foreclosed houses to continue occupancy while Freddie Mac seeks new buyers.