Newrez LLC, a national mortgage lending and servicing organization, announced that it will offer Freddie Mac BorrowSmart Access, a mortgage program designed to assist first-time homebuyers by helping subsidize their closing costs and unlocking the dream of homeownership.
“We’re thrilled to work with Freddie Mac to bring BorrowSmart Access to market,” said Baron Silverstein, President of Newrez. “Our mission is to expand access to mortgage credit and advance economic opportunities for minorities and low- to moderate- income communities. With BorrowSmart Access, we’re delivering on that mission by providing ways to reduce cost in the homebuying process.”
BorrowSmart Access is also available through our major lending branch Caliber Home Loans, part of the Newrez Family of Companies.
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Freddie Mac BorrowSmart Access
First-time home buyers will receive $3,000+ in closing cost assistance if they meet the following qualifications:
- 3% minimum down payment (credit may cover part or all of this)
- Complete one-on-one homeownership counseling
- Borrower qualifying income must be less than or equal to 140% of the median income in the area
Best of all, borrowers can utilize additional sources of funds from gifts, family, and other approved down payment assistance programs to gain even more purchasing power.
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BorrowSmart Access is available in ten metropolitan statistical areas across the United States, including:
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin
- Detroit-Warren-Dearborn, Michigan
- El Paso, Texas
- Houston-The Woodlands-Sugar Land, Texas
- McAllen-Edinburg-Mission, Texas
- Memphis, Tennessee-Mississippi-Arkansas
- Miami-Fort Lauderdale-Pompano Beach, Florida
- Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
- St. Louis, Missouri-Illinois
“At Newrez, we are committed to being the premier provider of affordable home financing solutions to help all borrowers achieve the dream of homeownership,” said Cristian Correa, SVP of National Diversity Lending at Newrez. “Joining forces with Freddie Mac on the BorrowSmart Access pilot is a testament to our mutual commitment to expanding access to credit and supporting underserved communities. We look forward to making a positive impact on the lives of many families across the country.”
BorrowSmart Access is now available in the ten MSAs listed above. In addition to BorrowSmart Access, Newrez and Caliber offer a wide variety of affordable loan programs available in today’s market helping our customers make smart moves through the lifetime of their mortgage loans.
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