Freddie Mac, New Vista to Auction Affordable Homes

In an effort to support the Federal Neighborhood Stabilization Program, offer eligible buyers downpayment, closing cost assistance, and a two-year home warranty Freddie Mac and New Vista plan to auction hundreds of real estate owned homes in Las Vegas and California. The plan is to auction Freddie Mac-owned homes on April 24 in Las Vegas and April 25 in California, which is before the federal homebuyer tax credit up to $8,000 expires on April 30, 2010. Freddie Mac HomeSteps REO homes in Las Vegas and in Inland Empire properties in California will be available to first time homebuyers and owner occupants in support of the federal Neighborhood Stabilization Program, which makes homebuyers eligible for closing costs and downpayment assistance when they buy foreclosed or abandoned homes in designated communities. This way the federal assistance is combined with the federal tax credit to make purchasing HomeSteps homes more affordable. HomeSteps and New Vista plan to hold separate afternoon auctions for bidders who do not qualify for the NSP program but intend to occupy the homes as their principle residences. Homebuyers also benefit from the SmartBuy program under which HomeSteps will pay up to 3.5% of the closing costs and offer a two-year limited home warranty on homes sold as primary residence when the purchase price is equal to or greater than $25,000.