Tags: freddie | mac | closing

Freddie Mac Has a Deal for You

Wednesday, 22 Jul 2009 11:40 AM

By Dan Weil

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The mortgage finance enterprise Freddie Mac, which had to be bailed out by the government, is now trying to bail out consumers.

Anyone willing to buy one of its foreclosed homes through Oct. 30 will get the buyer’s closing costs paid by Freddie, up to 3.5 percent of the sales price, The Washington Post reports.

In addition, Freddie’s Smart Buy program includes free two-year warranties on the home's electrical, plumbing, air-conditioning and heating systems.

The same warranties are available on appliances including water heaters, stoves, washers and dryers, dishwashers, and refrigerators as well.

And you can receive a 30 percent discount on appliance purchases.

The program is available only to home buyers looking for a primary residence. It includes all categories of homes: single-family houses, townhouses, condominiums, and co-op apartments.

A first-time home buyer would be able to add Freddie’s enticements to the $8,000 tax credit for first-time home buyers this year. The deadline for closing a home to receive the tax credit is Nov. 30.

Many experts are starting to look more favorably on the housing market. Even noted housing bear Robert Shiller, a Yale economist, sees some positive signs.

“We've had massive drops in home prices that cannot go on forever,” he told CNBC.

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