San Ramon, Calif.-based CMG Financial has announced that it will offer up to $2,500 toward downpayment assistance or closing costs to qualifying homebuyers based on their area median income (AMI) through the Freddie Mac BorrowSmart program. Homebuyers with less than 50 percent AMI can qualify for $2,500, while those with greater than 50 percent, but less than 80 percent AMI, are able to qualify for $1,500. Homebuyers purchasing a manufactured home or a home in a high-needs rural area, with greater than 80 percent but less than 100 percent AMI, can qualify for $1,000 in assistance.
"At CMG Financial, we are committed to facilitating homeownership through financing solutions," said Christopher M. George, president and chief executive officer at CMG Financial. "While this offering targets buyers with lower income levels, the Freddie Mac BorrowSmart program is flexible and takes a tiered approach, giving a set amount of funds based on the homebuyer's income. This allows us to help a larger swath of our clients to make the dream of a home a reality."
The Freddie Mac BorrowSmart program is only available with specific conventional conforming mortgage loans; some with downpayment options as low as three percent This offering is only eligible for primary residences and pre-purchase homebuyer counseling is required.