Saving enough for down payment and closing costs is a challenge for many first-time homebuyers. Through Freddie Mac's BorrowSmart Program, Soar Lending provides up to $2,500 in assistance to income-qualified buyers to be used towards the down payment or closings costs required to finance a home.
How do I qualify?
- First-time homebuyer: The BorrowSmart program is reserved for buyers who have not owned a home within three years of application. If you're upgrading, downsizing, or have owned a home within 3 years of application, Soar Lending has other programs that may be a better fit.
- Primary residence purchase only: Freddie Mac offers this opportunity for first-time homebuyers who are purchasing a home as their primary residence. Soar Lending has other opportunities for buyers needing assistance with the purchase of a second home or investment property.
- Minimum qualifying credit score of 620: Conventional loans require borrowers to have a credit score of 620 or higher. If you
- Income & Property: A borrower's income and the location of the home determine their eligiblity for BorrowSmart loan. See the next section for more details.
BorrowSmart DownPayment - Income Highlights
The applicant's income and their location determine program eligibility. Users can visit Freddie Mac's Income and Property Eligibility Tool to verify if they qualify for a mortgage based on the property location and the borrower's qualifying income. Follow the link here.
- $2,500 for borrower's with qualifying income less than or equal to 50% of the county area median income (AMI)
- $1,250 for borrowers with qualifying income greater than 50% and less than or equal to 80% of the county AMI
- $1,000 for borrowers with qualifying income greater than 80% and less than or equal to 100% of the county AMI
For more information, contact Soar Lending to connect with a mortgage loan originator.
DISCLAIMER: Freddie Mac borrowerSmart is available in all states, and only available in conjunction with specific conventional conforming financing programs for primary single-family residences. Pre-purchase first-time homebuyer counseling is required. Incentive down payment/ closing costs assistance is based on Area Median Income and other eligibility criteria.
Soar Lending LLC (NMLS ID 1492187) is an equal opportunity lender. To verify our complete list of state licenses, please visit www.nmlsconsumeraccess.org.