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.