subject: Security and Convenience of Purchasing Freddie Mac Foreclosures [print this page] Security and Convenience of Purchasing Freddie Mac Foreclosures
By now many people are aware that Freddie Mac foreclosures refer to properties whose mortgages have been secured by this government-backed company with the formal name of the Federal Home Loan Mortgage Corp. The company operates only in the secondary mortgage market and do not offer fresh loans. They ensure that the home lending sector is buoyant and can offer more home loans to the general public.
Features of Freddie Mac Homes
A main feature of Freddie Mac foreclosures is that it is first offered to first-time home buyers who will be the owner-occupiers of the distressed property. One other goal of Freddie Mac is to provide cheap housing for middle- to low-income families when they would not be able to pay for a regular mortgage provided by banks and other lending companies. Buyers of Freddie Mac foreclosures can likewise avail of other government grants and assistance to further ease the burden of paying for a foreclosed property.
The assistance provided by the government for home buyers can be in the form of a sum that will go either to the down payment or the closing costs. Freddie Mac and the government offers a number of means to assist buyers in acquiring property for relatively easier terms than the regular manner of buying homes. In regular foreclosure purchases buyers would have to pay for exorbitant closing costs but Freddie Mac homes charges very low closing costs. These homes also comes with warranties that may cover installations already existing in the home.
As long as the property is listed on the site of Freddie Mac, it can be acquired under their terms. Many banks and real estate companies likewise offer these homes. You can approach your bank or real estate agent to ask about Freddie Mac foreclosures and the process involved in buying one. If you feel you are able to meet all the conditions required then proceed to buying your first home.
