Freddie Mac Homes: A Leg Up for Low Income Families
Freddie Mac Homes: A Leg Up for Low Income Families
Freddie Mac homes are foreclosed properties that were purchased with a Freddie Mac sponsored loan. The homes are offered back to the market for people who are not able to secure financing through the traditional channels. The factors considered by Freddie Mac when assessing buyers are that they plan to reside in the property and that they are unable to qualify for housing loans through the regular channels.
Freddie Mac gives a lot of importance to home ownership and they maintain bonds with the mortgage industry to ensure that industry is liquid and able to offer home financing for borrowers.
Help for Low Income Families
This situation now enables low income families to acquire Freddie Mac homes and fulfill their dream of becoming home owners. But buyers would still need to be able to exhibit their capacity to pay for the home they will purchase. As in other foreclosures, buyers need to have a clean credit record and a stable income to be able to be approved for these low priced properties.
Freddie Mac foreclosures are more affordable since they originated as low-cost housing before foreclosure. Buying one would be like getting discounted twice over. The homes are sold as is though, but the savings to be made from the purchase can be applied to renovating the home and building the owner's equity.
Buyers of Freddie Mac homes can likewise avail of other housing grants and incentives being offered by the government. There are lump sums offered which buyers can use as down payment for the property or as payment for closing costs. Incentives may be in the form of tax reliefs and easier payment terms.
Freddie Mac homes may be found in all listings of foreclosures whether online or offline. The company accredits several real estate agents to do their selling from them. If you are interested in these homes, you may simply look them up and contact the property manager on the list.