Homesteps Smart Buy

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Owning your own home may be more affordable than you think.  If you currently rent, or have been thinking of buying a new home now is the time to take that step.

If you not aware of it, Freddie Mac is offering a great program right now as an incentive to purchase one of their bank-owned homes called their Smart Buy Program.  Because these properties are foreclosures they are already offered a great price and on top of that Freddie Mac is offering you up to 3.5% back for closing costs and a 2-year comprehensive HomeProctect® Home Warranty.  To take advantage of the 3.5% back you must fill out the Smart Buy coupon (available from your real estate agent)  and submit along with your offer.


To qualify for this the home must be a single family residence, 1-4 unit building, condominium, co-op or town home.  You must plan on occupying the home, it must be your primary residence and the sales price must be above $25,000.  Rental homes, commercial properties and 2nd homes or vacation homes are not eligible.  It is only valid for Freddie Mac owned homes - Auction, Sealed Bid and Bulk Sale properties are excluded from this offer.

This program is valid for offers submitted by Dec. 31, 2009 and they must close escrow by Feb.26, 2010. The good news is you can also take advantage of the newly extended government sponsored tax credit in addition to this making it an even better time to purchase one of these homes.

Keep in mind these are foreclosure homes, so they are not going to be in the best of shape and may need work so it may not be for everyone.  However, with the greatly reduced price these homes are offered at on top of the Smart Buy incentive and the Government Tax Credit, if your willing to put a little work into it its a great way to get into a home for a really great price.  With the Home Protect Warranty whenever a covered appliance or system in your home is having trouble Home Protect will repair or replace it giving you some peace of mind not normally available when purchasing a foreclosed home.  Along with the 3.5% offer which can be used for closing costs, to assist with moving expenses or to update the home providing you lots of options.

If you have any questions on the program, or would like further information on the Freddie Mac homes available for purchase here in Northern VA just contact me and we can take that first step into getting you into your first or next home.