March 09, 2015

Freddie Mac: Your Top Questions Answered

Your Top Questions Answered - Homebuying

You've got questions, we’ve got answers.

How can I buy a Freddie Mac owned home?
Our homes are available for sale through our real estate sales division HomeSteps®. There are desirable and affordable homes available now across the country and you can start your search today at The process for buying one of our homes is a lot like buying any other house on the market, but we've put together these 4 tips to make it easier.

Do I qualify for a new 3% down mortgage?
The Home Possible Advantage mortgage is for low and moderate-income borrowers with limited savings, including first-time homebuyers. Generally, you need to meet minimum credit requirements, earn no more than 100% of your area median income and have the funds to meet the down payment requirements and closing costs.  First-time homebuyers must participate in an acceptable borrower education program, like Freddie Mac's CreditSmart. Visit our 3% down blog post for more info.

Is the HARP program still available?
Yes, HARP continues to be available through the end of 2015. Interest rates have come down, averaging below 4% for a 30-year fixed-rate mortgage so far this year, so it may be a good time to see if HARP is right for you. Those who refinanced under HARP in 2014 saved $3,300 – or about $275 a month in the first year.

How do I know if Freddie Mac owns my loan?
A quick visit to our Loan Lookup Tool can tell you.

I’m interested in becoming a broker and/or doing business with HomeSteps. Where can I learn more?
If you are interested in working with HomeSteps, please review the broker and vendor guidelines and then complete the online Supplier Profile Questionnaire. Once HomeSteps determines there is a business need to expand our network in a specific market area, we will use the questionnaire database to identify prospects.

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