CrossCountry Offers Down Payment Assistance For 1st-Time Homebuyers
Its Freddie Mac BorrowSmart Access offers borrowers in certain metros up to $3,000 that can be used toward a down payment and/or closing costs.
CrossCountry Mortgage (CCM) said Wednesday it will help make homeownership more accessible in traditionally underserved communities by offering down payment assistance to first-time homebuyers.
CCM now offers the new Freddie Mac BorrowSmart Access, providing borrowers with up to $3,000 that can be used toward a down payment and/or closing cost assistance.
BorrowSmart Access is available to qualified first-time homebuyers in the following metropolitan areas:
- Atlanta-Sandy Springs-Alpharetta, Ga.;
- Chicago-Naperville-Elgin, Ill.-Ind.-Wis;
- Detroit-Warren-Dearborn, Mich.;
- El Paso; Houston-The Woodlands-Sugar Land; and McAllen-Edinburg-Mission, Texas;
- Memphis, Tenn.-Mo.-Ark.;
- Miami-Fort Lauderdale-Pompano Beach, Fla.;
- Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.; and
- St. Louis, Mo.-Ill..
"In today's competitive market, first-time homebuyers face many obstacles, including trying to save for a down payment," said Jenn Stracensky, CCM’s chief operating officer. "BorrowSmart Access supports our mission of making every mortgage feel like a win by giving homebuyers extra purchasing power and putting homeownership within reach especially in underrepresented communities."
BorrowSmart Access Requirements
- At least one borrower must be a first-time homebuyer.
- 1-2 unit primary residences only.
- Borrower must have an income of no more than 140% of their area median income.
- Homebuyer counseling.
- The property must be located in a qualified location and meet all other applicable Freddie Mac Guide requirements.
BorrowSmart Access is one of the latest products representing CCM's commitment to getting borrowers into their very first home, the company said. Another is CCM Community Promise, which was launched in November and offers a $6,500 grant that can be used toward down payment and/or closing cost assistance to qualified borrowers living in Chicago, Philadelphia, or Detroit.
Cleveland-based CCM is one of the nation's largest retail mortgage lenders, with more than 7,000 employees operating 600 branches across all 50 states.