In an effort to move existing REO inventory, Freddie Mac is getting proactive by offering up to 3.5% in closing-cost assistance to homebuyers who get into escrow before July 31st, 2011 and close escrow on or before September 30th, 2011.

They will also offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative, during the initial 15 days of listing. The purchasers does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their primary residence.