One of the biggest challenges facing potential homebuyers in purchasing a home is saving for the down payment and closing costs. As rent and home prices increase, it can be difficult to save the money necessary for these expenses. However, a new program called Freddie Mac BorrowSmart℠ is now available to help members with their down payment or closing costs.
Freddie Mac BorrowSmart℠ is a program that offers qualified very-low-to-moderate income members in qualified areas down payment and/or closing cost assistance if they participate in select homebuyer counseling. This offer is also available for manufactured homes, a benefit that a number of other assistance programs do not offer.
- Members can earn up to $2,500 towards down payment and/or closing costs if referred for an eligibility assessment on or before March 31, 2020, and up to $1,500 if referred on or after April 1, 2020
- Income and location qualifications apply
- Homebuyer counseling required through approved provider which will incur a $99 fee
- Other eligible sources of funds such as gifts allowed
- Can be used in conjunction with other down payment assistance programs
Financial assistance is a great way to help with your down payment and/or closing costs. Talk with one of our loan officers today to learn more about eligibility requirements and how you can take advantage of this great program.