In a previous post, we answered your top questions about buying a HomeSteps® home. With the spring homebuying season just around the corner, today we're answering more:
Does HomeSteps offer financing?
Yes. HomeSteps Financing is currently available in 10 states to qualified buyers, including Alabama, Florida, Georgia, Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Am I required to use HomeSteps Financing?
No, buyers are not required to use HomeSteps Financing when purchasing a HomeSteps home in one of the available states.
Can investors purchase HomeSteps homes?
Yes. However, investors are not able to purchase HomeSteps homes during the first 20 days (30 days in Nevada, Cook County, IL, and the city of Detroit, MI) they are listed on the market. This is to give owner occupant homebuyers a fair opportunity to purchase our homes as part of our Freddie Mac First Look® Initiative.
What is the Freddie Mac First Look Initiative?
The Freddie Mac First Look Initiative is an ongoing initiative which offers owner-occupant homebuyers and select non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 20 days of listing (30 days in Nevada, Cook County, IL, and the city of Detroit, MI) without competition from investors. All eligible First Look homes are clearly marked with the First Look icon on HomeSteps.com.
Can I rent a HomeSteps home?
No. HomeSteps homes are not available for rent.
What tips do you have for people looking to buy REO properties?
Buying an REO home is a lot like buying any other home. These four tips can help you be better prepared to succeed: find a reputable agent who knows the market, get pre-approved, do your homework and be ready to act.