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News posted On November 12, 2019
CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, California, announced today it will offer up to $2,500 toward down payment assistance or closing costs to qualifying home buyers based on their area median income (AMI) through the Freddie Mac BorrowSmartSM program. Home buyers with less than 50% AMI can qualify for $2,500 while those with greater than 50% but less than 80% AMI are able to qualify for $1,500. Home buyers purchasing a manufactured home or a home in a high-needs rural area, with greater than 80% but less than 100% AMI, can qualify for $1,000 in assistance.
With the Freddie Mac BorrowSmart program, CMG Financial aims to make buying a home more affordable for home buyers and to offer solutions to common challenges to those looking to purchase. Saving for a down payment is one of the biggest obstacles facing today’s first-time home buyers. On top of the down payment, closing costs make the home purchase even more expensive. The Freddie Mac BorrowSmart program helps to decrease those costs and make homeownership more accessible. To learn more and see if you qualify, visit https://borrowsmart.cmgfi.com
“At CMG Financial, we are committed to facilitating homeownership through financing solutions,” said Christopher M. George, President and CEO at CMG Financial. “While this offering targets buyers with lower income levels, the Freddie Mac BorrowSmart program is flexible and takes a tiered approach, giving a set amount of funds based on the home buyer’s income. This allows us to help a larger swath of our clients to make the dream of a home a reality.”
The Freddie Mac BorrowSmart program is only available with specific conventional conforming mortgage loans; some with down payment options as low as 3%. This offering is only eligible for primary residences and pre-purchase home buyer counseling is required. The home buyer is responsible for a $99 counseling fee.
About CMG Financial
CMG Financial is a well-capitalized, privately held mortgage-banking firm founded in 1993. The company makes its products and services available to the market through three distinct origination channels including Retail Lending, Wholesale Lending, and Correspondent Lending.
CMG Financial currently operates in all states, including the District of Columbia, and holds federal agency lending approvals with HUD, VA, RHS, GNMA, FNMA and FHLMC. Throughout the mortgage banking and housing markets, CMG Financial is widely known for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency.