Freddie Mac
Borrow Smart ProgramSM

Get up to $2,500 toward your down payment or closing costs with the Freddie Mac BorrowSmart ProgramSM.

The Freddie Mac BorrowSmart ProgramSM can give you extra purchasing power in today’s busy market.

Qualifications

  • Property must be a primary residence located in a BorrowSmartSM  to see if your state is eligible for the program check here
  • Loan must be approved by a Loan Product Advisor (LPA)
  • Borrower must complete pre-purchase counseling with a HUD-approved Homeownership Preservation Foundation (HPF) provider

Highlights

  • $2,500 program for borrower(s) whose qualifying income is less than or equal to 50% of the county area median income (AMI) with a minimum Loan-to-Value (LTV) of 90%
  • $1,000 program for borrower(s) whose qualifying income greater than 50% and less than or equal to 80% of the county AMI with a minimum LTV of 90%
  • $1,000 program for borrower(s) whose qualifying income greater than 80% and less than or equal to 100% of the county AMI with a minimum LTV of 95%

Saving for a down payment is one of the biggest obstacles today’s first-time home buyers face. The Freddie Mac BorrowSmart ProgramSM helps to decrease those costs and make homeownership more accessible.

To learn more about BorrowSmartSM or to speak with a loan officer:

1 Minimum 90% loan-to-value (LTV)

2 Minimum 90% loan-to-value (LTV) for income greater than 50% and less than or equal to 80% of AMI, and minimum 95% loan-to-value (LTV) for income greater than 80% and less than or equal to 100% of AMI.

Disclaimer: Freddie Mac BorrowSmartSM program is available in all states except the following: AK, HI. 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 or $2,500 based on Area Median Income and other eligibility criteria.

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