Time Running Out on Freddie Mac Offer To Pay Up To 3.5 Percent of Closing Costs on Eligible Homesteps Homes

HomeSteps “SmartBuy” Expiring Oct. 30 Offers 2-Year Comprehensive Home Warranty

McLean, VA - October 5, 2009 - (RealEstateRama) — Freddie Mac (NYSE:FRE) today reminded homebuyers they have less than a month left to take advantage of Freddie Mac’s offer to pay up to 3.5 percent of the buyer’s closing costs when they buy a single family HomeSteps® home as their primary residence under HomeSteps “SmartBuy”.

HomeSteps SmartBuy, which began on July 17, 2009, also includes a comprehensive two-year home warranty on HomeSteps homes. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.

To take advantage of the HomeSteps SmartBuy closing cost offer, buyers must submit initial purchase offers on HomeSteps homes by October 30, 2009 and complete the closing by December 31, 2009. “Every home shopper should know there are only 30 days left to save potentially thousands of dollars in transaction costs when they buy a HomeSteps home,” said Chris Bowden, vice president of HomeSteps. “Combined with our offer to provide a comprehensive two-year warranty on unexpected repairs, we believe HomeSteps homes provide a tremendous long-term value in today’s competitive marketplace.”

Although the closing cost offer will expire on October 30, the warranty will be ongoing, Bowden added. The warranty is available only on single family HomeSteps homes sold through normal retail channels that are the purchaser’s primary residence for at least $25,000 in one of the 48 contiguous states or Washington, DC. Freddie Mac will pay for the first two years of the warranty after which buyers will have an option to continue the warranty on their own.

Home Protect, the two-year warranty provided by Cross Country Home Services, covers electrical, plumbing, air conditioning and heating systems, as well as ductwork and many major appliances such as water heaters, stoves, washer & dryers, dishwashers and refrigerators.

Cross Country Home Services will also guarantee each repair made under the warranty for 180 days and will replace appliances that can’t be repaired with comparable units. In addition, each Home Protect warranty includes a buying program providing discounts of up to 30 percent on the purchase of name brand appliances and up to 15 percent on their installation.

“We designed the Freddie Mac Home Protect warranty specifically to give HomeSteps buyers peace of mind and help them manage the costs of home ownership,” according to Ori Lapidot, Senior Vice President, Strategy and Product, CCHS. “We are pleased that Freddie Mac will continue making Home Protect available to eligible homebuyers even after the Buyer’s Closing Cost offers ends on October 30.”

The warranty and closing cost opportunities are not available on HomeSteps homes sold as investor properties, second homes, or vacation homes or in auctions and bulk sales.

For more information, visit www.HomeSteps.com or call 800-972-7555.

Cross Country Home Services, Inc. has nearly 30 years of experience of providing home warranty plans on a national basis. Its operation is open 24 hours a day, 365 days a year and supported by more than 40,000 pre-screened and pre-qualified plumbing, electric, heating, ventilation, air conditioning and appliance service providers. Cross Country Home Services has a patent pending on the Home Protect program.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

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Tagged as: FRE, homebuyers, HomeSteps, NYSE:FRE

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association