In an effort to make home ownership more accessible in underserved communities, CrossCountry Mortgage (CCM) has launched the Freddie Mac BorrowSmart Access program. The program provides borrowers with up to $3,000 that can be used toward a down payment and/or closing cost assistance.
BorrowSmart Access is available to qualified first-time homebuyers in the following metros: Atlanta-Sandy Springs-Alpharetta, Georgia; Chicago-Naperville-Elgin, Illinois; Detroit-Warren-Dearborn, Michigan; El Paso, Texas; Houston-The Woodlands-Sugar Land, Texas; McAllen-Edinburg-Mission, Texas; greater Memphis; Miami-Fort Lauderdale-Pompano Beach, Florida; Philadelphia-Camden-Wilmington and St. Louis.
“In today’s competitive market, first-time homebuyers face many obstacles including trying to save for a down payment,” said Jenn Stracensky, CCM chief operating officer. “BorrowSmart Access supports our mission of making every mortgage feel like a win by giving homebuyers extra purchasing power and putting homeownership within reach especially in underrepresented communities.”
At least one borrower must be a first-time homebuyer, with the program available only for one- or two-unit primary residences. The borrower must have an income of no more than 140% of their area median income (AMI) and must undertake homebuyer counseling. In addition, the property must be located in a qualified location and meet all other applicable Freddie Mac Guide requirements.
