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 area's median income (AMI). Borrowers who's income is between 50%-80% AMI can receive up to $2,500 while borrowers with income greater than or equal to 100% AMI can receive $1,000.00. In Hampton Roads 80% of AMI is $63,280.00.
Other criteria are:
If you would like to find out if you qualify for this program or others, feel free to get in touch and we can talk about what would work best for you.
Thanks for Reading,
_________________________
Serving your Hampton Roads andVirginia Beach Real Estate needs.
Interested in buying a home using down payment assistance? Check out the video and learn more!
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 area's median income (AMI). Borrowers who's income is between 50%-80% AMI can receive up to $2,500 while borrowers with income greater than or equal to 100% AMI can receive $1,000.00. In Hampton Roads 80% of AMI is $63,280.00.
Other criteria are:
- The home must be a primary residence.
- The property must be a single unit only (no duplexes or multi-property).
- The minimum credit score is 620.
- The Buyer must take a housing counselling course (cost $99) under the Homeowenrship Preservation Foundation (HPF).
- BorrowSmart can be combined with other programs that meet Freddie Mac guidelines such as specific city grants or community seconds.
If you would like to find out if you qualify for this program or others, feel free to get in touch and we can talk about what would work best for you.
Thanks for Reading,
_________________________
Serving your Hampton Roads andVirginia Beach Real Estate needs.
Interested in buying a home using down payment assistance? Check out the video and learn more!
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