Freddie Mac's BorrowSmart Program
Hello Hampton Roads, One of the great things about living in our area is that there are a number of home-buying programs designed to make home ownership possible for a lot of people! According to the National Assocation of Realtors' (NAR) 2019 Profile of Home Buyers and Sellers, the median time spent saving for a down payment is four years and it is commonly cited as the most difficult step in the home-buying process. Today, I'd like to talk about a brand new pilot program from Freddie Mac called BorrowSmart which is open to all eligible home buyers whether or not they are first time buyers. This program is a good alternative for people who don't qualify for other programs such as VHDA's (Virginia Housing Development Authority) down payment grant. BorrowSmart offers funds ranging from $1,000-$2,500 which may be used toward down payment, closing costs, or even post-closing repairs! The amout a buyer can get is based on income limits as a percentage of the
