Here’s an brief explanation about the program. 

“Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes owned by Fannie and Freddie. Home buyers have until Jan.31rst 2010 to apply for Freddie Mac’s SmartBuy program and close in March of 2010 , which started in July.2009.This program offers up to 3.5 percent of a home’s sale price to help cover closing costs; so lets get those contracts written this week!!!!!!!

To qualify, the home must be the buyers principal residence and must be selected from Freddie Mac’s HomeSteps Web site: visit www.homesteps.com/homeshoppers.htm
for a list of 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.comis 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.”

Thousands of Realtors have lobbied for the government to extend these great incentives for Buyers!

Tags: Buying a home in Boise Idaho, Fannie Mae, Foreclosures, foreclosures in Boise Idaho, Freddie Mac Incentives, shortsales in Boise Idaho

Posted on Tuesday, January 26th, 2010 at 1:37 pm and is filed under Buy a House, First Time Home Buyers, Foreclosures, Homes for Sale, Housing Market, MLS, Questions and Answers, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.