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Help From Fannie and Freddie Programs for Foreclosed Homes |
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By JD Evans A
 Home buyers are not accustomed to getting much aide with their home loan financing. In fact, they are generally happy just to get a California mortgage. At least one group of borrowers, though, were offered some relief. Fannie Mae and Freddie Mac, the government-controlled companies that buy mortgages in bulk from lenders, have offered financing incentives for buyers of defaulted homes that Fannie and Freddie own in California and across the USA. Home buyers had until Oct. 30 to apply to take advantage of Freddie Mac's SmartBuy program, which began in July and offered up to 3.5 percent of a home's sale price for closing costs.
Freddie Mac's program, was created on July 17, 2009. The program was designed by Freddie Mac in an attempt to aide families buying a home with their closing cost expenses. Under the program, the mortgage giant offers to pay as much as 3.5 percent or the entire closing costs, whichever is lower for owner-occupied homes. Owner occupied cash sale homes can receive up to 1 percent for closing costs through the SmartBuy program. Investors, however, are not |
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