The Federal Home Loan Mortgage Corporation (FHLMC) also known as Freddie Mac, has created HomeSteps® which will be responsible for marketing and selling Freddie Mac real estate owned (REO) homes to homeowners and investors. HomeSteps manages every stage of the REO process, from handling title to working with local real estate agents to facilitate a sale. HomeSteps will be one of the largest sellers of existing homes in the United States. Among the special offers available in many parts of the country, HomeSteps will pay up to 3% of the buyer’s closing costs and up to 30% savings on new appliances with certain restrictions.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nations’s residential mortgage markets. Freddie Mac has made home possible for one in six homebuyers.