Foreclosed homes: Fannie Mae and Freddie Mac hold summer clearance sales - latimes.com
Looking for a deal where the home seller pledges in advance to contribute potentially thousands of dollars to your closing costs? If so, check out the summer sale terms available from two of the largest and most motivated sellers of foreclosed homes in the country — Fannie Mae and Freddie Mac.
Fannie and Freddie both are offering to pay up to 3.5% of the price of the house toward buyers' closing costs, plus they'll hand over a bonus of $1,200 to participating real estate agents. Fannie's program covers properties on which contracts are accepted and close no later than Oct. 31. Freddie's sale requires contracts no later than July 31 and closings by Sept. 30.
Fannie's program even offers mortgage money to help finance these purchases, sometimes with as little as a 3% down payment.