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.