Freddie Mac Borrow Smart Program
Get up to $1,250 toward your down payment or closing costs with the Freddie Mac BorrowSmartSM Program. Saving for a down payment is one of the biggest obstacles today’s first-time home buyers face. The Freddie Mac BorrowSmart Program helps to decrease those costs and make homeownership more accessible.
Details
- Down Payment Assistance TypeGrant
- First-Time HomebuyersYes
- Mortgage InsuranceYes
- Can be Layered with other ProgramsYes
Loan Term
- 30 year
Funds can be used for:
- Down Payment
- Closing Cost
Homebuyer Education Requirement Option(s)
- Home Stretch
Occupancy Type
- Primary Home
Financial Instution
CMG Home Loan
Role
Loan Officer
Disclosures
1 Minimum 90% loan-to-value (LTV). 2 Minimum 95% loan-to-value (LTV). Must be in high needs census tract or subject property must be a manufactured home. Disclaimer: Freddie Mac BorrowSmartSM program is available in all states. Only available in conjunction with specific conventional conforming financing programs, for primary residences. Pre-purchase homebuyer counseling required. Borrower is responsible for $99 counseling fee. Incentive down payment/closing cost assistance amounts of $1,000, $500 or $1,500 based on Area Median Income and other eligibility criteria.
Location
731 Bielenberg Dr suite 204, Woodbury, MN 55125, USA
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About the listing author
I got into the mortgage business in a strange way. I have a degree in Hospitality Administration and a minor in business and was happy in the restaurant and hotel…
I got into the mortgage business in a strange way. I have a degree in Hospitality Administration and a minor in business and was happy in the restaurant and hotel…