Independent Bank Joins with Freddie Mac to Offer the Freddie Mac BorrowSmart(SM) program, Helping Customers Achieve Sustainable Homeownership

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.