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HomeSteps vs. HomePath – What’s the Difference

Clearly, we have delved into Fannie Mae HomePath and HomePath Renovation loans in depth, but this is the first time I have stepped into Freddie’s HomeSteps program. So, what is Homesteps?

Not sure why it has taken this long, maybe because Freddie themselves lacked articulation on exactly what the heck they are offering. Who runs Freddie Mac? How can you be such an afterthought to Fannie Mae?

I expect that question to remain unanswered, since nobody seems to know anything about Fannie’s red headed stepchild, Freddie Mac.

So, if you have missed a few posts and are not up to speed with Fannie Mae’s foreclosure incentives the HomePath and the HomePath Renovation, simply click on the links below and read up.

Once you’re done, bring it on back here and let’s talk about what Freddie Mac is offering for their properties.

HomePath

HomePath Renovation Loans

Now, that you have gotten that out of the way, on to THE TOPIC AT HAND…

Freddie Mac Homesteps

HomeSteps SmartBuy^SM

HomeSteps SmartBuy is our exciting home purchase program that offers:

• A limited two-yearHomeProtect Home Warranty*[PDF]
• Up to 30% savings* on new appliances

Homebuyer Incentives**

• Up to 3.0% buyer’s closing cost

**HomeSteps homebuyer incentives are available to owner-occupants purchasers only.

Selling Agent Incentive

• $1,000 Selling Agent Bonus Offer***

DURATION OF OFFER:Offers received between November 15, 2011 and January 31, 2012 with escrow closed on or before March 15, 2012.

Yeah, I copied that directly from the HOMESTEPS website, shoot me I get lazy too from time to time.

So, while Fannie created an unique financing program, HomePath, Freddie added some incentives to buy with HomeSteps. Putting my sarcasm aside, it is actually a reasonably good incentive. It’s not a unique financing program with no mortgage insurance, but this is Freddie were talking about.

There are plenty Homesteps properties available and they are selling cheap. You can also pursue FHA 203K financing if you want, which has become a problem with Homepath properties as they typically want Homepath or Homepath Renovation financing.

Wondering where you find these properties? Need more info on HomePath and HomeSteps? Well guess what, they pay me to answer your questions. So fire away.

So, fill out the form to the right or call the number above and either myself of one of my team will break it down for you in minute details. If it’s me (I like to talk) I’ll give you more information on these two programs them you could ever want.

Click IT!

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