Freddie Mac SmartBuy, Closing Cost Assistance Program Expires This Month
October 7, 2009 by Danilo Bogdanovic
Filed under Buyer Resources
Since July, Freddie Mac has been offering to pay home buyers up to 3.5 percent for closing cost assistance and a 2 year home warranty through their HomeSteps SmartBuy program. This is a huge incentive that has come in handy for those with not a lot of cash lying around and/or wanting to use the money in other ways. But the program is soon coming to an end.
Freddie Mac’s HomeSteps SmartBuy program will expire October 30, 2009. In order to qualify, home buyers must make an initial offer on a HomeSteps home by October 30, 2009 with closing completed by December 31, 2009. It applies only to houses purchased as a primary residence.
If you submit an offer on a HomeSteps home after October 30, any closing cost assistance from Freddie Mac will have to be negotiated.
If you’re interested in purchasing a Freddie Mac HomeSteps home or have any questions about the SmartBuy program, click here to contact me.
Click here to search for available Freddie Mac HomeSteps SmartBuy homes in the area.
Clarification, Some Change Coming to New HVCC Appraisal Rules
July 24, 2009 by Danilo Bogdanovic
Filed under Mortgage/Lending
As some of you know, the new Home Valuation Code of Conduct (HVCC) was supposed to be a good thing for consumers and the mortgage and real estate industries. But it had quite the opposite and negative effect.
But that may be (slowly) changing. The National Association of REALTORS® along with several other groups voiced their opinion to the New York Attorney General’s office, the Federal Housing Finance Agency and Fannie Mae.
The result? New HVCC/appraisal “guidance” for lenders.
The two main issues have been addressed (in theory - we’ll have to see what happens in real life)…
- Inexperienced appraisers conducting appraisals in areas they don’t know much, if anything at all about.
- Inaccurate appraisals (mainly due to issue number 1 above) with no way to formally object and a total lack of willingness by the appraiser to correct the appraisal.
Make sure you check out the post over at VAR Buzz that goes into more detail about the new “guidance” and clarifies things in greater detail (there’s also a link to Fannie and Freddie’s updated FAQ sections at the bottom of the VAR buzz post).
We’re far from seeing the issues completely resolved, but it’s a start…
