CrossCountry Mortgage (CCM), the mortgage lender, announced that it is helping make homeownership more affordable in traditionally underserved communities by offer down payment assistance to aspiring first-time homebuyers.
The program claims to provide borrowers up to $3,000 that can be used for a down payment and/or closing cost assistance.
The new Freddie Mac BorrowSmart Access it’s a program that is available to qualified first-time homebuyers in the following metropolitan areas:
· Atlanta – Sandy Springs – Alpharetta, GA
· Chicago – Naperville – Elgin, IL -IN-WI
· Detroit – Warren – Dearborn, MI
· El Paso, Texas
· Houston – The Woodlands – Sugar Land, TX
· McAllen – Edinburg – Mission, TX
· Memphis, TN -MS-AR
· Miami – Fort Lauderdale-playa de Pompano, Florida
· Philadelphia -Camden- Wilmington, PA -NJ-DE-MD
St. Louis, MO-IL
In today’s competitive marketplace, first-time homebuyers face many hurdles, including trying to save for a down payment,” said Jenn Stracensky, CCM’s director of operations. “BorrowSmart Access supports our mission to make every mortgage feel like a win by giving homebuyers extra buying power and putting homeownership within reach, especially in underrepresented communities.”
To have access to BorrowSmart, interested parties must cover the following requirements:
– At least one borrower must be a first-time homebuyer.
– 1-2 unit primary residences only.
– The borrower must have an income of no more than 140% of their area median income (AMI).
– Homebuyer counseling required.
– The property must be located in a qualifying location and meet all other applicable requirements of the Freddie Mac Guide.
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