Freddie Mac
Borrow Smart ProgramSM

Get up to $1,500 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

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

Highlights

  • Check $1,500 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%
  • Check $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%
  • Check $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 only available in the following states: AL, AZ, AR, CA, DE, DC, FL, GA, IL, IN, KY, LA, MD, MI, MN, MS, MO, NV, NJ, NM, NY, NC, OH, OK, OR, PA, SC, TN, TX, VA, WA, WV, WI. 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 $1,500 based on Area Median Income and other eligibility criteria.

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