Independent Bank is excited to announce the launch of the new Freddie Mac BorrowSmart program. The program provides assistance up to $2,500 for income-qualifying borrowers to be used toward the down payment or closing costs required to finance a home.
With rising housing prices, stagnant incomes, and limited housing stock, access to a down payment for a mortgage remains one of the most common hurdles for today’s borrowers. It also creates a highly competitive market for very-low and low-income borrowers who increasingly struggle to save for their initial down payment.
The Freddie Mac BorrowSmart program provides assistance for income-qualifying Very Low-Income Purchase (VLIP), Low-Income Purchase (LIP), and Moderate-Income Purchase (MIP) borrowers who complete housing counseling through a HUD-approved counseling provider affiliated with the Homeownership Preservation Foundation (HPF) network. Qualifying borrowers would work with a GreenPath Financial Wellness HUD-certified counselor to receive their individualized pre-purchase counseling right over the phone.
The program must be used in conjunction with a Freddie Mac mortgage product. Borrowers can also apply funds from other eligible sources, such as gifts from family, other eligible non-profits or government agencies, employer-assisted homeownership programs, and/or affordable seconds.
To learn more about the Freddie Mac BorrowSmart program and to see if you qualify, visit IndependentBank.com.
Equal Housing Lender