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Freddie Mac BorrowSmart Program

Friday, April 1, 2022

DID YOU KNOW?

Freddie Mac BorrowSmartSM offers $1,250 or $2,500 in down payment assistance for eligible borrowers.1

We understand that the expense of a down payment and closing costs can present a challenge for many would-be home buyers. That’s why we offer Freddie Mac BorrowSmartSM, a loan program designed to help customers purchase a home with less money out of pocket.

Features of the Freddie Mac BorrowSmartSM program:

• Eligible borrowers may receive $1,250 or $2,500 in credit towards down payment and/or closings costs1

• Conventional, conforming mortgage with less than 3% down (if credit is used toward the down payment)

• Credit is NOT a grant or second lien but a true lender credit

• Gifts and other down payment assistance programs may also be applied where eligible

Contact your local Mortgage Consultant to see if the Freddie Mac BorrowSmartSM program is right for you.

Other restrictions apply. Borrower must occupy the property as their primary residence. Not all borrowers will qualify. Speak to a mortgage consultant for additional information. Freddie Mac BorrowSmartSM is not available in Alaska or Hawaii.

Low down payment options may not be the best option for all borrowers. Consult your mortgage consultant to review potential loan scenarios and financing options to determine the home loan that is right for you.

1. Following counseling through a HUD approved agency, eligible borrowers will receive either a $1,250 or $2,500 credit at closing based on qualifying income.

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Freddie Mac BorrowSmart Program
We understand that the expense of a down payment and closing costs can present a challenge for many would-be home buyers. That’s why we offer Freddie Mac BorrowSmartSM, a loan program designed to help customers purchase a home with less money out of pocket.
View full article