Freddie Mac BorrowSmart® Program

Dreaming of owning your own home but struggling with the down payment? You're not alone! Many aspiring homeowners face this hurdle, but there's good news: the Freddie Mac BorrowSmart® Program is here to help.

What is the Freddie Mac BorrowSmart® Program?

This fantastic program offers qualified homebuyers a significant boost: $1,250 in down payment and closing cost assistance! This money can make a real difference, turning your homeownership dreams into a reality.

How Does It Work?

The assistance amount is tied to area median income (AMI) requirements. Here's a breakdown:

• Income Qualifications: To be eligible, your income must be greater than 50% and less than or equal to 80% of the county's median income.
  • Not sure what your local AMI limits are? Click here to look up your local AMI limits.
• Fund Usage: The $1,250 can be used for:
  • Down payment
  • Closing costs
  • Permanently buying down your note rate
• Primary Residence Only: This assistance is specifically for purchase transactions on primary residences.

Who Qualifies?

To take advantage of the BorrowSmart® Program, you'll need to meet the following criteria:

• Freddie Mac Home Possible® Mortgage: You must qualify for a Freddie Mac Home Possible® mortgage, which starts at just 3% down.
• Homebuyer Counseling: Completing a homebuyer counseling course is a requirement. This valuable resource will equip you with the knowledge and tools you need for successful homeownership.
• Income Limits and Geographical Restrictions: As mentioned earlier, income limits apply. Additionally, some geographical restrictions may be in place. Click here to look up your local AMI limits.

Why This Program Matters

For many first-time homebuyers, and even those looking to purchase again, the down payment and closing costs are the largest obstacles. This program can alleviate that burden, making homeownership more accessible.

Take the Next Step!

Don't let the down payment hold you back any longer. If you're ready to explore your homeownership options and see if you qualify for the Freddie Mac BorrowSmart® Program, reach out today! A quick consultation can determine your eligibility and get you one step closer to your dream home.