New program helping first-time home buyers secure down payments
Financial help I snow available for first time buyers hoping to secure a down payment for their home.
The program — Freddie Mac's Borrow Smart Access — is meant to teach buyers how to sustain homeownership in the long run.
“By being able to give them access to up to $3,000 to really use that towards the down payment and closing costs, that will start helping more buyers access homeownership,” Freddie Mac lending manager Carmen Mercado said.
In order to qualify for the program, the buyer needs to be approved for a mortgage by Rocket Mortgage or another lender that supports the program.
The buyers' total income also can't exceed more than about $72,800 per year.
Prospective home buyers are recommended to do their research on the programs that are available through their mortgage company, and shop around to find the company that works best for them.
For more information on the program, click here.
Watch the video above for the full story.
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