Definition
Freddie Mac's program selling single-family foreclosed homes through real estate agents with favorable terms for buyers.
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HomeSteps sells Freddie Mac-owned REO properties with incentives for owner-occupancy and investor buyers. Properties are priced competitively below market. Financing incentives include down payment assistance and closing cost credits. Flexible credit standards. Auction or negotiation methods. Repairs vary by property. Properties are listed on MLS for broad exposure. HomeSteps program removes investor speculation early in marketing period. Appeal to owner-occupants and investors seeking REO properties.
Pro Tip
HomeSteps properties offer opportunities for patient buyers; inspect thoroughly before bidding.
Example
A HomeSteps property included down payment assistance and closing cost credits to the owner-occupant buyer.