February 17, 2020, Dallas, TX – CU Members Mortgage, a division of Colonial Savings, F.A., is excited to announce the launch of the Freddie Mac BorrowSmartsm program. The program offers down payment and/or closing cost assistance for borrowers based on income and geographical limits.
With Freddie Mac BorrowSmartsm, eligible members receive assistance that can go towards closing costs, buying down the note rate and the 3% down payment minimum for a conventional loan. The assistance may be used to fund up to 100% of the borrower’s cash to close.
The incentive is based on a tri-tiered level of income qualifications and high needs areas defined by Freddie Mac. The member is required to participate in homebuyer counseling provided through the Homeownership Preservation Network. The loan officer will work with each eligible member guiding them through the process.
“We are proud to be the first lender offering the Freddie Mac BorrowSmartsm program to credit unions. It shows our deep commitment to them and the communities they serve, making affordable lending options available,” said J. David Motley, President. “We hope this opportunity benefits many new homeowners who might be struggling with a down payment.”
The program is not available in the following states: Alaska, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Maine, Massachusetts, Montana, Nebraska, New Hampshire, North Dakota, Rhode Island, South Dakota, Utah, Vermont, Wyoming.
About CU Members Mortgage
Established in 1982 as a division of Colonial Savings, a federally chartered thrift, Dallas-based CU Members Mortgage provides comprehensive mortgage services to credit unions and CUSOs. CU Members Mortgage originates FHA, VA, and conventional loans nationwide. With a portfolio of $25 billion, Colonial is one of the largest servicers of mortgage loans in the United States. The company is privately held and has offices located nationwide. For more information, visit www.cumembers.com.