First-time homebuyers / image via Shutterstock
HomeSteps, Freddie Mac’s real estate sales division, is gearing up for a free educational seminar this Saturday. With help from the Chicago Urban League, HomeSteps hopes to provide low-to-moderate income residents the opportunity to discover more about real estate owned (REO) homes.
On September 17 between noon and 4 p.m., prospective homebuyers are invited to the Greater Harvest Missionary Baptist Church, located at 5141 S. State St., northwest of the University of Chicago campus. Participants will be provided information on finding Chicago foreclosures, applying for mortgages, receiving down payment assistance and other crucial elements of the purchase process.
Although the event is free to attend, attendees must register online beforehand.
HomeSteps handles marketing and selling for REOs on behalf of Freddie Mac, facilitating homebuyers, property investors and real estate professionals throughout the nation. The Chicago Urban League is an education and advocacy group, aiming to promote positive change for African American communities throughout the Windy City.
“We’re invested in helping African Americans in the greater Chicago area strengthen their communities,” Margaret Wooten, senior director of Housing and Financial Empowerment with the Chicago Urban League, said in a statement. “One of the ways we can do so is by helping people achieve and sustain homeownership.”
The first 50 registered attendees are invited on a complimentary bus tour to view HomeSteps properties throughout Cook County. Participants who end up purchasing a HomeSteps property are eligible to receive a closing cost credit of up to 3 percent of the purchase price.
In addition, attending agents working on behalf of HomeSteps homebuyers are eligible to receive a $1,000 incentive bonus.
“This is one of the ways we’re trying to reach working families who may be ready to own a home of their own or just want to better understand the requirements and processes necessary to become a homeowner,” Danny Gardner, Freddie Mac’s vice president of affordable lending and access to credit, said.