24-59: Freddie Mac BorrowSmart® Low Income Program

06/11/2024
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Pennymac is pleased to announce the extension of the Freddie Mac BorrowSmart® Low Income Program (LIP).

The BorrowSmart® Program provides $1250 in down payment and/or closing cost assistance for eligible homebuyers. The program is to be used in conjunction with the Freddie Mac Home Possible program.

Additional details include:

  • 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.

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.