Freddie Mac is calling the program “The Summer Sales Promotion Bonus” and applies to the foreclosed homes in its HomeSteps program.
The incentive, available in all 50 states, is offered on owner-occupant purchases of properties within the HomeSteps inventory. Initial offers must be made between May 16, 2011 and July 31, 2011 with escrow closing by September 30, 2011.
The summer program offers incentives to homebuyers, who will receive 3.5% of the purchase price to cover allowable buyer closing costs. A 2-year HomeProtect limited home warranty is also included if the purchase occurs within the promotional timeframe.
Fannie Mae announced a similar special in four states earlier in the year. Those sales must close by June 30, 2011 to qualify.