Freddie Mac Announces “Summer Sales Promotion”

In an effort to move it’s foreclosure inventory off the books, Freedie Mac announced their “Summer Sales Promotion” yesterday. The bonus offer is available on initial offers submitted in HomeSteps Connect between May 16, 2011 and July 31,2011 and closing escrow on or before September 30,2011.  Only financed owner occupied, single family residences used exclusively for residential purposes are eligible for the program. Investment purchases, auction sales and bulk purchases are exempt from the program.

To insure buyer confidence, the Freddie Mac HomeSteps SmartBuy Program includes a limited 2-year HomeProtect Home Warranty, savings of up to 30% on new appliances, plus a seller contribution of up to 3.5% toward the buyers recurring and non-recurring closing costs.  The incentives only apply to financed owner occupied, single family residences used exclusively for residential purposes. For purposes of this offer, the following types of actual expenses are deemed closing costs:” FHA or VA non-allowables, non-recurring closing costs, discount points, loan origination fees, other customary and reasonable lender fees and pre-paid expenses, survey, and appraisal fees. In the event the total of your closing costs are less than the amount of 3.5% of your home’s purchase price, then HomeSteps’ payment will be limited to the total of such actual closing costs.

There are currently 38 Freddie Mac HomeStep homes listed for sale in Washoe County.  does not require a coupon to qualify. The buyer need only mention the program and ask the agent to show them HomeStep homes in their area. For additional information, go to If you would like to learn what you qualify for, click on the “Qualify Now” tab at the top of the page or call Doug Kaller, Sierra Pacific Mortgage, (775) 250-4421.