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Freddie Mac Borrowsmart®

What Is Borrowsmart?

BorrowSmart is a program that can provide up to $1,500 in down payment/closing cost assistance based on area median income (AMI) and other eligibility criteria. The best part is, this isn’t a loan to be repaid, it’s supplemental funds that may help homebuyers with the upfront costs of buying a home.

How It Works:

The program works in tandem with the Freddie Mac Home Possible® and Freddie Mac HomeOne® mortgage options, which require as little as a 3% down payment.

BorrowSmart Highlights:

  • Borrowers with qualifying income less than or equal to 50% of county AMI may qualify for $1,500.

  • Borrowers with qualifying income between 50.01% and 80% of county AMI may qualify for $1,000.

  • Borrowers with qualifying income between 80.01% and 100% of county AMI may qualify for $500 if their property is in a high-needs area with designated rural tracts.

Borrowsmart Eligibility Highlights:

• Minimum credit score starting at 580
• Primary residences only
• Homebuyer counseling required
• Available in all 50 states
• Low- and moderate-income requirements

Eligible Property Types:

• 1-unit single family homes*
• Condos
• Planned unit developments
• Manufactured homes (not eligible for HomeOne®)

Important Disclosure and Licensing Information

*HomeOne® must be secured by 1-unit properties that are not Manufactured Homes.

Freddie Mac®, Home Possible®, HomeOne®, and Freddie Mac BorrowSmart® are registered trademarks of the Federal Home Loan Mortgage Corporation. The previously mentioned companies and programs are not affiliated with Newrez LLC.