Pennymac is pleased to announce the release of the Freddie Mac BorrowSmart® Program.
The BorrowSmart® Program provides up to $1500 in down payment and/or closing cost assistance for eligible homebuyers. The program compliments the Freddie Mac Home Possible, HomeOne and Manufactured Home programs.
Additional details include:
- The total assistance amount varies based on Area Median Income (AMI) requirements.
- The assistance can be used in conjunction with other DPA programs.
- Purchase transactions/primary residences only
- A Homebuyer Eligibility Review and Homebuyer Counseling with Homeownership Preservation Foundation (HPF) is required.
- An upfront, non-refundable, $99 homebuyer counseling fee must be paid by the borrower to HPF at the time of the required counseling.
- The more restrictive of the base product (Home Possible, HomeOne or Manufactured Homes) and the BorrowSmart Program apply.
Please refer to the BorrowSmart® Program Addendum for complete requirements.
This program requires special Client Approval. Please contact your Regional Manager
if you are interested in learning more about this program.