Freddie Mac BorrowSmart Program Available for a Limited Time
We’re excited to offer Freddie Mac BorrowSmartSM program for a special limited-time opportunity!!
The Freddie Mac BorrowSmartSM program provides assistance for income-qualified borrowers to be used towards the down payment or closing costs required to finance a home. Theprogram can provide up to $2,500 in down payment/closing cost assistance based on area median income (AMI) and other eligibility criteria. It may be used to cover 100% of funds needed to close.
BorrowSmartSM program is designed to work with two other Freddie Mac mortgage programs; Home Possible® and HomeOne® which requires as little as 3% down.
Home Possible® offers more options and credit flexibilities for low income to very low income clients to help them realize the American dream of homeownership.
HomeOne® Available to qualified first-time homebuyers for a low down payment of just 3%, the Freddie Mac HomeOne® mortgage is a low down payment option that serves the needs of many first-time homebuyers, along with no cash-out refinance borrowers.
What are the requirements?
To take advantage of the program, you must qualify for either Freddie Mac mortgage programs. You must have a minimum credit score of 620 and have the ability to put 3% down payment. However, you can utilize Freddie Mac’s BorrowSmartSM assistance for that.
Grants are based on your income compared to the area median income (AMI):
- $2,500 grant applied when your qualifying income is less than or equal to 50% of the area median income
- $1,250 grant applied when the your qualifying income is between 50.01% and 80% of the area median income
Call today to learn more about the program
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.