02/27/2024
Freddie Mac recently confirmed the BorrowSmart program is being discontinued. Please review the following dates and timelines carefully.
Home Possible VLIP
- For Home Possible loans with AMI < 50% (VLIP), the last date to schedule the homebuyer eligibility screening review with the Homeownership Preservation Foundation (HPF) is February 29, 2024
- The homebuyer counseling session can be completed with HPF after 2/29/2024, but must be completed prior to the note date
- Homebuyer eligibility screening reviews scheduled after 2/29/2024 are no longer eligible for the BorrowSmart program and will not receive the $1,500 assistance
- The last day to deliver BorrowSmart VLIP loans to Pennymac is 5/30/2024
HomeOne / Home Possible / Manufactured Homes LIP and MIP
- For Home Possible loans with AMI >50% & <80% (LIP) and HomeOne or manufactured home loans with AMI >80% <100% (MIP), the last date to schedule the homebuyer eligibility screening review with the Homeownership Preservation Foundation (HPF) is May 31, 2024
- The homebuyer counseling session can be completed with HPF after 5/31/2024, but must be completed prior to the note date
- Homebuyer eligibility screening reviews scheduled after 5/31/2024 are no longer eligible for the BorrowSmart program and will not receive the $500 or $1,000 assistance
- The last day to deliver BorrowSmart LIP and MIP loans to Pennymac is 8/30/2024
GSE Down Payment Assistance Product Enhancement– Coming Soon!
Pennymac is pleased to announce we will be releasing a down payment assistance product enhancement for VLIP mortgages. Complete details along with the release date will be announced shortly.
Please contact your Sales Representative with any questions.