Back

Introducing BorrowSmart Access

Wednesday, April 26, 2023

Buying a home can be a daunting experience, especially for first-time homebuyers who may not have enough savings to cover the upfront costs of a down payment, closing costs, and other expenses. We have a special program available in select markets to help eligible borrowers overcome these obstacles.

Freddie Mac BorrowSmart Access is a Special Purpose Credit Program (SPCP) that expands eligibility and provides financial assistance to first-time homebuyers who wish to purchase a primary residence in select under-served communities. The program offers a grant that may be used to fund up to 100% of a buyer's required cash to close, which can be a game-changer for many low- and moderate-income families.

What's even more exciting about this program is that buyers who are at or below 140% of the area median income (AMI) may be eligible for the grant. This means that even those who earn slightly above the median income but still face financial challenges can benefit from the program.

The grant can be used to cover a range of expenses, including the down payment, closing costs, and even a permanent rate buydown(discount points). This flexibility allows borrowers to tailor their financial assistance to their specific needs, giving them more control over the home buying process.

In addition to the grant, Freddie Mac BorrowSmart Access also offers a 1-year Cinch Home Warranty reimbursed by Prosperity Home Mortgage, LLC. This budget-friendly warranty comes with a $50 deductible and provides easy scheduling and service, giving borrowers peace of mind and protection against unexpected repair costs.

It's worth noting that the program has certain eligibility requirements and restrictions. For example, the program is only available for homes located in select under-served communities and the borrowers must meet certain income and credit score criteria. Additionally, the program is subject to change and may not be available in all states.

Overall, Freddie Mac BorrowSmart Access is a valuable program that helps first-time homebuyers overcome financial barriers and achieve their dream of homeownership. By expanding eligibility and offering financial assistance, the program makes it easier for families to invest in their future and build wealth through homeownership. If you're considering buying a home in one of the qualifying communities, this program is definitely worth exploring.

Freddie Mac BorrowSmart Access $3,000 Down Payment/Closing Cost Assistance
1. To be considered a first-time homebuyer, borrower(s) must not have had an ownership interest in a property within the past 36 months of application. Speak with your mortgage consultant for more details.
2. Program available to first-time homebuyers purchasing a primary residence property in the Atlanta-Sandy Springs-Alpharetta, GA, the Chicago-Naperville-Elgin, IL-IN-WI, and the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metropolitan statistical areas (MSAs).
3. Down payment/closing cost assistance amounts up to $3,000, based on Area Median Income and other eligibility criteria. Not all loan types are available to all borrowers. Borrowers will be subject to qualification and must satisfy all underwriting requirements and conditions. Not all borrowers will qualify. Speak with your mortgage consultant and carefully consider each of your home financing options so you can determine the home loan program that is right for you.
CINCH HOME WARRANTY
4. Prosperity Home Mortgage, LLC is not an affiliate of Cinch Home Services, and this offer is not an endorsement of Cinch HomeServices products or services.
See terms, conditions, limitations in your service agreement that will be sent once Cinch Home Services, Inc. receives and accepts your enrollment request. Covered items must be in good working order, with no apparent visual or operational malfunctions. Deductible due at time of service request. Non-covered charges, incidental charges and dollar amount caps may apply. This plan is included as a benefit with your Prosperity Home Mortgage. If you cancel this plan, you will not be eligible for a refund.
Borrowers are eligible for a lender credit of $527.00 toward closing costs to pay for a one-year Cinch Home Warranty (valued at $526.18) with a new purchase, secured by a first mortgage or deed of trust (New Loan), subject to qualification, approval and closing with Prosperity Home Mortgage. LLC. Loan must close within60 days from the date of loan application. This offer must be presented at time of application and all eligibility requirements met no later than 2 days prior to the New Loan closing date. Only one home warranty permitted per New Loan. This offer is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before06/30/2023.
To be eligible, borrower(s) must be first-time home buyer(s), and borrower’s total household income must be less than or equal to 90% of the area median income(AMI) in which the property is located. Available only in California, Delaware, Georgia, Maryland, Minnesota, New Jersey, Pennsylvania, Texas, Virginia, and the District of Columbia.
5.Non-covered charges, incidental charges and dollar amount caps may apply.
See all articles

Other news

Market Update - March 1, 2024
View full article
Financing a Greener Future: Home Equity Solutions for Eco-Upgrades
View full article
Navigating Home Equity Options for Renovation Projects: Beyond the Basics
View full article
Prosperity Home Mortgage Recognized for Overall Customer Satisfaction by J.D. Power
View full article
Celebrating a Decade of Prosperity
Celebrating a Decade of Prosperity: A Journey of Innovation, Resilience, and Customer-Centric Excellence
View full article
Seize the Moment: Why Now May Be the Perfect Time to Buy Your Dream Home
View full article
Why Real Estate Still Reigns Supreme as the Best Long-Term Investment
View full article
How Our Homebuyers Are Beating Rising Interest Rates: Discover Benefits of a Buydown
View full article
Capitalize on Multi-Unit Living: Your Home, Your Investment, With as Little as 5% Down
View full article
Unlocking the Potential: 4 Ways to Use Your Home Equity
View full article
Introducing: Pathway to Prosperity
View full article
National Mortgage Professional Month: Celebrating Our Teams!
View full article
Navigating the Modern Mortgage Landscape: A Closer Look at Debt Service Coverage Ratio (DSCR) Loans
View full article
Prosperity Home Mortgage Earns Top Spot for Customer Satisfaction in 2022 Mortgage Industry Rankings
View full article
Prosperity Home Mortgage's Remarkable Ranking and a Bright Future Ahead
View full article
Building Homes and Building Communities: Our Tucson Team Joins Habitat for Humanity
View full article
Coming together to give back.
View full article
Market Update - April 28, 2023
View full article
Introducing BorrowSmart Access
Freddie Mac BorrowSmart Access: Helping First-Time Homebuyers in Under-Served Communities
View full article
FHFA Loan Level Price Adjuster Clarification
Setting the record straight.
View full article
Market Update - 4.20.23
View full article
Market Update - 4.13.23
View full article
Market Update
View full article
Habitat for Humanity: Dallas 2023
View full article
Celebrating the legacy of P. Wesley "Wes" Foster, co-founder of Long & Foster Companies
View full article
Prosperity Home Mortgage Announces $5,000 HomeBuyer Boost Grants
Prosperity Home Mortgage announced the launch of its HomeBuyer Boost Grant Program to benefit first-time homebuyers
View full article
Buyer's Bridge Loans: What They Are and How They Work
Buy now and sell later with our Buyer's Bridge loan. Don't let a dream home slip away while waiting on a pending sale!
View full article
Prosperity Opens a New Community Lending Office in Downtown Atlanta, GA
Our focus is on increasing minority homeownership.
View full article
Rate Rollback Guarantee
Obtain lower initial mortgage payments and long-term security
View full article
Prosperity Revamps Leadership Team for Future Growth
New Vice President positions have been created, giving local leaders the authority to make decisions based on their market knowledge and relationships with real estate partners.
View full article
Prosperity names Brian Haug Chief Retail Production Officer
Brian Haug has been promoted to the role of Executive Vice President and Chief Retail Production Officer
View full article
Prosperity Home Mortgage Names Justin Messer President and CEO
View full article
Prosperity Celebrates Continued Success with a New Look
View full article
Expert Update - 12.02.22
View full article
FHFA Announces Higher Loan Limits for 2023
View full article
November Journal 2022
View full article
Prosperity Home Mortgage Reaches $5.7 Billion in VA Loan Fundings
View full article
Government Home Loan Programs
View full article
The VA Home Loan Advantage
View full article
FHA Home Loans
View full article
USDA Guaranteed Rural Housing Program
View full article
Philly Home Buying Seminar
View full article
Habitat for Humanity: Los Angeles 2022
View full article
Habitat for Humanity: Philadelphia 2022
View full article
Habitat For Humanity: Tucson 2022
Our Prosperity Home Mortgage team is working hard to bring the phrase “home for the holidays” to life,..
View full article
Philly / NJ / Delaware Night of Giving
View full article
BHHS National Sales Convention
View full article
Donating Meals for Healthcare Professionals
View full article
Prosperity Home Mortgage Partners with DC Habitat to Complete 14 Affordable Homes
View full article
Introducing RAPID CLOSE
View full article
Prosperity Home Mortgage Consultants Recognized as Top in the U.S. by Mortgage Executive Magazine
View full article
Prosperity Community Update
View full article
Berkshire Hathaway HomeServices Fox & Roach, REALTORS® Selects Prosperity Home Mortgage, LLC as Their Mortgage Affiliate
View full article
Prosperity Home Mortgage Reaches $3.2 Billion in VA Loan Fundings
View full article
Introducing Home Advantage, a Nationwide Zero Down FHA Mortgage
View full article
Prosperity EXPRESS Offers Faster Loan Closings
View full article
Juneteenth 2021
View full article
Brian Haug Appointed to Senior Leadership Position at Prosperity Home Mortgage, LLC
View full article
New Name, Same Great Team!
View full article
Prosperity Home Mortgage Named One of 50 Best Companies to Work For
View full article
XLR8: The Future of Mortgage
View full article
Prosperity Home Mortgage Company Ranks 20th in Top 100 Mortgage Companies in America
View full article
COO, Justin Messer Named Among 40 Under 40 Influential Mortgage Professionals
View full article
Meet Jelaire Grillo, The Journey Wiz
View full article
Prosperity Reaches Over $15.5 Billion in Loan Volume in 2021
View full article
Texas Team Gets Veteran into Dream Home
View full article
Prosperity Home Mortgage Now Operating in the Greater Palm Springs Temecula Valley Areas
View full article
Chairman and President’s Club Winners Announced for 2021
View full article
18 MCs Recognized by Philadelphia Magazine for Top Mortgage Professionals Award
View full article
Lock, Shop & Home!
View full article
Prosperity Home Mortgage Now Operating in St. Louis
View full article
Mike Miller Joins Prosperity Home Mortgage as Indiana Regional Manager
View full article
Prosperity Home Mortgage Consultants Recognized as Top 1% for Customer Satisfaction by Experience.com
View full article
Prosperity Home Mortgage Now Operating in South Dakota
View full article
Prosperity Home Mortgage Ranked Among Nation Top Mortgage Lenders
View full article
Prosperity Home Mortgage Is Built Strong
View full article
Freddie Mac BorrowSmart Program
View full article
Kyle Albornoz
Cell Phone: 443-449-0696
#NMLS:
2155322
Return To My Homepage