Your biggest ally if you encounter difficulty paying your mortgage on time is often your lender. If you are having difficulty paying your mortgage on time, it’s important to act now before things get so bad that you are facing foreclosure. This is how Freddie Mac sells foreclosed properties.Avoiding Foreclosure Your first step is to call your lender. In exchange, you can buy a foreclosed property with as little as 3 down and you can get up to 3 in closing costs assistance. To qualify, buyers need to take a homebuying education course and move in within 60 days of purchasing the property.Freddie Macs requirements for manufactured homes are designed so that the mortgages we purchase are originated, underwritten and serviced to help qualified borrowers buy homes they can both afford and maintain. Expand homeownership opportunities to more borrowers with mortgages secured by manufactured homes. REO Rental Initiative The REO Rental Initiative is a temporary rental initiative under which qualified, former owner-occupants and tenants will be offered an option to lease properties in which they reside that have been acquired by Freddie Mac as a result of foreclosure.Ever wondered what Freddie Mac is, and how it works Check out our comprehensive guide to the Federal Home Loan Mortgage Corporation (FHLMC) to learn more.Manufactured Homes Mortgages. * Attend a Foreclosure Prevention Workshop in Your Area * Where to Get Help * Working With Your Lender * Identifying a Credit Counselor * Special Circumstances to Stop Foreclosure * Does Freddie Mac Own Your Mortgage? Help for America’s Homeowners Please use the self-assessment tools provided on MakingHomeAffordable.gov to see if you are among the 7 to 9 million homeowners who may be able to benefit from Making Home Affordable. Are You Facing Foreclosure? There are resources available to help you protect your home.Receive your Home Protect** 2-year Home Warranty upon qualified closing.Don’t have a real estate agent yet? Click here to search for an agent near you!This offer is only valid until October 30, 2009, so start searching for your SmartBuy home today at HomeSteps!HomeSteps will pay up to 3.5%* of your purchase price in closing costs for initial offers presented on HomeSteps homes between J– October 30, 2009.*As an example of your savings, if the purchase price of your home is $150,000, HomeSteps will pay up to $5,250 of your closing costs. Receive your SmartBuy Buyer’s Closing Cost offer, upon qualified closing. Present your completed Buyer’s Closing Cost coupon upon initial offer on a HomeSteps home. Ask your real estate agent to request the HomeProtect Home Warranty upon initial offer.
How Long Does It Take For Freddie To Put Homes On Homesteps Professional For DetailsPlease see a qualified tax professional for details.In order to redeem a SmartBuy Buyer’s Closing Cost offer, homebuyers must place an initial offer on a HomeSteps home J– October 30, 2009 sale must close escrow by December 31, 2009.Home Protect ®** 2-year Home Warranty is valid on HomeSteps (Freddie Mac-owned) homes that meet the following criteria: For instance, if your purchase price is $125,000, and your closing costs are $4,250, HomeSteps will only pay $4,250, an amount equal to 3.4% of your purchase price.)Now is a smart time to buy, and First-Time Homebuyers may have the opportunity to also take advantage of the $8,000 Tax Credit ****** Not all buyers will qualify for the tax credit. (Please note HomeSteps will only pay up to 3.5%* of your purchase price in closing costs, not to exceed the total closing costs.Coupon must be attached to initial contract when submitted for execution. In order to redeem the SmartBuy Buyer’s Closing Cost coupon, buyer must present it upon initial offer on a HomeSteps home, or coupon will not be valid. In Georgia, warranty product is a 1 year warranty, with auto renewal for 2nd year Home located in the 48 contiguous states and the District of Columbia Owner-occupied, primary residence homes homes purchased for rental or commercial purposes are not eligible second homes or vacation homes are not eligible *This closing cost offer is valid only on owner-occupied, financed homes 1% closing cost offer on owner-occupied, cash sales. All sales must close escrow on or before December 31, 2009, to be eligible. Initial offers submitted on or after July 17, 2009, and on or before October 30, 2009, are eligible. Home Protect** warranty and appliance discount are only valid on homes located in the 48 contiguous states and the District of Columbia. This offer is valid in the United States (including PR, VI and GU). Paragon ntfs for mac v150828NEW YORK (CNNMoney.com) —First-time homebuyers will now have access to quick cash to help them with their down payments. This offer is only valid where not prohibited by law.HUD tweaked stimulus tax incentive so first-time home buyers get instant assistance with down payment and closing costs. Seller reserves right to remove homes from “SmartBuy” promotion or end promotion at any time. SmartBuy offers are not transferable and may not be combined with any other offer. SmartBuy offers are not valid on Auction, Sealed Bid and Bulk Sale properties. The mechanics of the new program, according to NAHB economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS. The delay created an obstacle to reigniting the housing market because most first-time buyers — the ones who would buy much of the available inventory — have only saved enough to cover 4% of the purchase price, according to the National Association of Realtors. But buyers couldn’t collect the $8,000 credit until tax time, rather than at closing time — when it’s needed. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.” As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. “Families will now be able to apply their anticipated tax credit toward their home purchase right away. “We believe this is a real win for everyone,” said HUD secretary Shaun Donovan in a speech before the National Association of Homebuilders (NAHB). Under the state and non-profit programs, the tax credit can provide the entire downpayment there’s no requirement that homebuers put 3.5% down. There are also non-profit groups, such as ones affiliated with the National Home Ownership Programs for the community organizer NeighborWorks America, that offer bridge loans for downpayment assistance that will be repaid with the tax credits. To quickly infuse cash into their housing markets, the housing finance authorities in these states created bridge loans to allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds. The initiative also authorized downpayment help programs already offered in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee, Washington and other states. “Now we can use some of that to buy some things we need for the house.” At closing, the Cherrys, like all buyers in the program, signed for their first mortgage, plus a second mortgage issued by the state. “We had money saved up that we were going to use for the down payment,” said Cherry. Much of that $9,000 came from the loan program, which they tapped so they wouldn’t have to drain their reserves. The couple purchased a four-bedroom, three-bath split-level home for $150,000, putting about 6% down. Lamar Cherry and his wife, Chrishanna, used the program to augment their down payment when they bought their home in Kansas City. Since then, Missouri has approved applications by more than 360 borrowers and closed on 166 of them. “We wanted them to have a cushion below that $8,000 in case other tax liabilities show up,” said Greg Spurgeon, the single-family homeownership administrator for the Missouri Housing Development Commission. In Missouri, borrowers can only access $6,750 of the $8,000 credit for down payments.
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