Month: August 2024

One of the most significant challenges individuals from traditionally underserved communities face is gathering the funds they need for a down payment on a home. At Assurance Financial, we aim to help close the homeownership gap by offering specially designed programs that support these communities.

We are proud to announce that Assurance Financial is one of only seven lenders in the United States that offers the Freddie Mac BorrowSmart Access℠ program. Through this program, qualifying first-time home buyers can receive down payment assistance to start their homeownership journey.

We are excited to share more information about how you may benefit from this opportunity.

What Is the Freddie Mac BorrowSmart Access Program?

Freddie Mac created a special purpose credit program (SPCP) to bridge the gap by offering low- to moderate-income borrowers opportunities to buy homes.

The Freddie Mac BorrowSmart Access program features a mortgage structure that gives first-time homebuyers from select metropolitan areas a chance to get access to funds for a down payment on a home.

Freddie Mac BorrowSmart Access Program Overview

By partnering with designated lenders like Assurance Financial, the program provides down payment assistance (DPA) to its qualified borrowers. Freddie Mac contributes $1,500, and Assurance Financial contributes at least $1,500, which you can use toward your down payment or closing costs.

The borrower must be a first-time homebuyer with zero ownership interest in a residential property during the previous three years. You may also not exceed a 140% area median income (AMI).

Property

The property you plan to buy must be a one- or two-unit primary residence that will be owner-occupied. It should also be located in one of the 10 identified metropolitan statistical areas. Eligible properties include:

• Condos
• Manufactured homes
• Planned unit developments
• Single-family residences with four or fewer units

Assurance Financial Branch Locations

You can find Assurance Financial branches to assist with your BorrowSmart Access application in the following seven states:

• Alabama
• Georgia
• Louisiana
• North Carolina
• South Carolina
• Texas
• Virginia

Frequently Asked Questions

Do you still have questions about the Freddie Mac BorrowSmart Access program? Here are some frequently asked questions to help you understand its finer points.

How Does BorrowSmart Access Work?

When you apply for the Freddie Mac BorrowSmart Access program, you will be assessed to determine your eligibility. If you qualify, Freddie Mac Assistance and Assurance Financial each contribute a minimum of $1,500 toward your downpayment. You complete your pre-purchase counseling and proceed with closing. Assurance Financial will help with this process.

How Does the Lender Determine Eligibility?

We use our standard pre-approval or loan application process to determine your initial eligibility. Then, the HPF uses this data to perform an eligibility review. They will arrange your counseling session, after which you and the lender receive an AMI eligibility and pre-purchase counseling certificate.

What if You Are Ineligible During the AMI Assessment?

We can offer two options if you are found ineligible during the HPF eligibility assessment. The HPF may deliver your details back to us, indicating that you do not qualify at this time. Alternatively, they may allow you to complete the pre-purchase counseling, as the loan could become eligible for sale to Freddie Mac per standard business practices. However, this means you will not qualify for Freddie Mac assistance, and you may incur a minor counseling fee for receiving pre-purchasing counseling. You will not be responsible for the program administration fees, which will be negotiated during your contracting process.

Can I Add Funds From Other Sources to My Down Payment Assistance?

As the borrower, you can put additional funds toward your transaction if it comes from any of these eligible sources:

• Monetary gifts
• Funds from family
• Funds from government agencies or eligible nonprofits
• Funds from Affordable Seconds® or Employer Assisted Homeownership programs

These funds can also be used with other third-party DPA programs if they meet Freddie Mac’s Guide requirements.

Why Trust Us

At Assurance Financial, we are home loan experts. Whether you are a first-time homebuyer or getting a vacation home, we help you find options to finance your new property because every buyer has unique needs.

By putting our customer’s needs first, we have become one of the best online mortgage lenders, with an average of 4.98 out of five stars from thousands of online reviews. We are ready to answer all your questions about the path to homeownership and offer various home loan options, from conventional and VA loans to modular home and construction loans.

We simplify mortgage applications with our mobile-friendly tool, which walks you through every step and allows you to apply anytime, anywhere. You can also use our mortgage calculator to determine your monthly payment or contact us today to speak to a mortgage expert for guidance.

Sign up for the Freddie Mac BorrowSmart Access Program With Assurance Financial

Saving for a down payment is a challenge on the road to homeownership for most Americans. Those from traditionally underserved communities often face larger challenges in accessing funds that allow them to purchase a home. The Freddie Mac BorrowSmart Access program is a game-changing opportunity that offers down payment assistance for first-time homebuyers. As a Fannie Mae/Freddie Mac servicer-approved and a Ginnie Mae issuer-approved organization, we will help bridge the gap by giving individuals from disadvantaged communities a chance to become homeowners.

The team at Assurance Financial is here to make mortgage applications easy for you. We offer virtual and in-person application options, allowing you to bypass dealing with multiple contacts. Take care of your mortgage application under one roof. Contact Assurance Financial today to find out if you are eligible for down payment assistance from the Freddie Mac BorrowSmart Access program. Alternatively, give our loan experts a call at 1-866-790-7980.

 

The metropolitan area of Shreveport, Louisiana, has experienced steady population growth dating back decades. This could stem from numerous factors, such as the allure of living in a mid-sized town with a low cost of living — all of which the city of Shreveport lists as reasons to live in the area. The diverse job market is another notable consideration that could draw individuals and families to Shreveport.

Whether considering a position with Shreveport-based businesses or moving there to enjoy the region, understanding the job market in Shreveport will help you establish a comfortable life.

Shreveport Employment Statistics

Shreveport’s workforce is around 177,600 people, with a 3.6% unemployment rate. Workers in the area earn an average of $24.61 per hour or around $51,200 per year — just shy of the $53,440 average in Louisiana.

The job opportunities in Shreveport consist largely of positions in industries such as manufacturing, education, health care, government, trade, transportation, utilities and construction. Numerous hotels and casinos employ thousands as well.

Workers in Shreveport’s most prominent industries earn the following estimated average annual pay:

• Physicians: $303,000
• Engineers: $93,000
• Registered nurses: $87,000
• Computer analysts: $72,000
• Aircraft mechanics: $69,000
• Secondary school teachers: $68,000
• Public relations specialists: $63,000
• Electricians: $51,000
• Gambling dealer: $45,000
• Construction laborers: $39,000
• Office administrators: $39,000
• Health care assistants: $30,000

Top Employers in Shreveport

Shreveport’s job market features positions with a diverse range of companies and organizations. Some of the largest employers in Shreveport are government agencies, while health care organizations, information technologies companies and industrial businesses each employ hundreds of individuals. Some of Shreveport’s most prominent employers include:

• Barksdale Air Force Base
• Willis-Knighton Medical Center
• General Dynamics
• City of Shreveport
• Southwestern Electric Power Company
• Caddo Parish Public Schools
• Benteler Steel/Tube

Living and Working in Shreveport

As you analyze where to live and work in Shreveport, consider ways to better understand your potential monthly expenses. Assurance Financial has a free mortgage calculator you can use to estimate your monthly payment.

We encourage you to use our loan calculator to produce an estimate when budgeting for the Shreveport housing and job markets.

Mortgages From Assurance Financial

At Assurance Financial, we’re the people people with technology that helps buyers manage their expenses. We can equip you with competitive financing when buying a home in Shreveport, so apply for a mortgage online in as little as 15 minutes.

From art and museums to sports teams and parks, Birmingham, Alabama, offers something for everyone to enjoy. If you’re moving to Birmingham from another state or from elsewhere in Alabama, one of the best ways to help yourself feel at home is to take advantage of the many activities and attractions this city provides.

Birmingham, Alabama, Sports Teams

Birmingham is home to several professional minor league and college sports teams. The current teams and their sports include:

• Birmingham Barons: Baseball
• Birmingham Bulls: Ice Hockey
• Birmingham Legion FC: Soccer
• Birmingham Squadron: Basketball
• Birmingham Stallions: Football

With so many teams to see, multiple venues are available to catch a game or attend other events. Some of the venues in Birmingham are:

• Regions Field
• Pelham Civic Center
• Protective Stadium
• Legacy Arena

Attractions in Birmingham, Alabama

Birmingham, Alabama, is a vibrant city and offers a long list of attractions to explore. Some of the many attractions available include:

• Vulcan Park and Museum: Vulcan Park and Museum enables visitors to learn more about Birmingham and access an observation tower with stunning city views.
• McWane Science Center: Both young and old will appreciate the chance to learn more about science hands-on with McWane Science Center.
• Birmingham Museum of Art: With more than 24,000 paintings, sculptures, prints, drawings and decorative arts, The Birmingham Museum of Art is one of the more diverse art museums in the area.
• Birmingham Botanical Gardens: Spend the day immersed in nature as you take in the native flora and fauna at Birmingham Botanical Gardens.

Entertainment in Birmingham

Whether you’re in the mood for a concert, something fun for date night or an event that will entertain the kids, there are numerous entertainment opportunities in Birmingham, such as:

• Locked In: The Birmingham Escape Room: Enjoy three different escape rooms for a unique way to test your puzzle-solving skills.
• Alabama Theatre: Take in live music, classic movies and events at the Alabama Theatre.
• Breakout Games: Try to escape as you develop your problem-solving skills at Breakout Games.
• Iron City Bham: See a live show from your favorite artist at Iron City Bham.

Let Assurance Financial Help You Buy a Home Close to Everything Birmingham Has to Offer

If you’re ready to call Birmingham home, Assurance Financial is here to help. We offer various loan options to make it possible to buy the house of your dreams. Start your application today to get one step closer to calling this beautiful city your home.

Whether moving to a new Aiken County neighborhood or settling in the area for the first time, homebuyers often compare the various public and private schools available to their children.

Public Schools in Aiken

The Aiken County Public School District provides public education for students across the county. The district has over 23,000 students spread across 21 elementary schools, 12 middle schools and eight high schools. Around 48%- 51% of students in the district are proficient in reading, while roughly 34% achieve math proficiency.

Top High Schools in Aiken

Top Aiken high schools offering grades nine through 12 include:

• Aiken Scholars Academy
• North Augusta High School
• South Aiken High School

Top Middle Schools in Aiken

Top Aiken middle schools offering grades six through eight include:

• New Ellenton Middle
• North Augusta Middle
• Paul Knox Middle

Top Elementary Schools in Aiken

Top Aiken elementary schools offering pre-k through grade five include:

• Clearwater Elementary
• Belvedere Elementary
• Chukker Creek Elementary

Private Schools in Aiken

Families in Aiken County can choose between 15 private schools. Each private school has a religious affiliation.

Over 2,500 students attend private schools in Aiken County. While South Carolina’s private schools comprise 8% of the student population, 10% of K-12 students in Aiken County attend a private school.

Mead Hall Episcopal School

Mead Hall Episcopal School is Aiken County’s premier private school. With a tuition over $11,000 for the highest grade, over 370 students attend the school. All of its students graduate and pursue post-secondary education.

South Aiken Baptist Christian School

South Aiken Baptist Christian School is another top choice for private K-12 education in Aiken County. Around 230 students attend the school, which costs over $6,000 annually. All South Aiken Baptist Christian School students graduate and receive college placement.

Victory Christian School

Victory Christian School is a private school in the North Augusta portion of Aiken County. This school is small, hosting 90-150 students each year. Tuition ranges from $6,250-$6,750, depending on the grade level. Around 75% of Victory Christian School graduates advance to colleges and universities.

Finance Your Move to Aiken County, South Carolina

Assurance Financial can provide the financing and tools you need to move to Aiken County. You can use our mortgage calculator to estimate your payment while evaluating the cost of private school versus public education in Aiken County. To apply for a mortgage, complete our 15-minute pre-qualification process online or find your local loan officer to discuss options.