**Title: Unlock Homeownership with Freddie Mac BorrowSmart® Access?: Down Payment Assistance for First-Time Buyers**
**Introduction**
Are you ready to buy a home but struggling to save for a down payment? Freddie Mac BorrowSmart® Access? might be the solution you need. This special-purpose credit program (SPCP) is designed to make homeownership more accessible, especially for those in historically underserved communities. In this article, we’ll explore how Freddie Mac BorrowSmart Access can help you achieve your dream of owning a home.
**What Is Freddie Mac BorrowSmart Access?**
Freddie Mac BorrowSmart Access is a special-purpose credit program aimed at bridging the housing gap in underserved communities. By offering down payment assistance, this program helps build generational wealth and makes homeownership more attainable.
**Eligible Areas for Freddie Mac BorrowSmart Access**
If you are buying a home in one of the following metropolitan statistical areas, you could receive $3,000 in down payment assistance:
– 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
**Requirements for Freddie Mac BorrowSmart Access**
To qualify for this program, you must meet several criteria:
– A median qualifying credit score of 620
– A 3% down payment (which can be covered in whole or in part by the $3,000 credit)
– Income no more than 140% of the area median income (AMI)
– At least one borrower must be a first-time homebuyer
– Completion of free homeownership counseling
– A qualifying debt-to-income (DTI) ratio, ideally below 40%
**Comparing Freddie Mac BorrowSmart Access to Other Programs**
Freddie Mac BorrowSmart Access is similar to other low down payment options like Home Possible® from Freddie Mac and HomeReady® from Fannie Mae. However, BorrowSmart Access offers a unique advantage with its $3,000 down payment credit based on income and location.
**Conventional Low Down Payment Options**
Freddie Mac HomeOne® and Fannie Mae’s unbranded 3% down loan options are available without income limits. However, these programs require at least one borrower to be a first-time homebuyer. Home Possible® generally offers better pricing, making it a more attractive option if you meet the qualifications.
**FHA Loans**
If you don’t qualify for a conventional loan, an FHA loan might be a good alternative. At O1ne Mortgage Inc., you can qualify for an FHA loan with a median credit score of 580 or better. A 3.5% down payment is required, and if your down payment is less than 10%, you’ll pay monthly mortgage insurance for the life of the loan. Additionally, there’s an upfront mortgage insurance premium of 1.75%.
**Bottom Line**
Freddie Mac BorrowSmart Access is an excellent option for first-time homebuyers in eligible counties, offering $3,000 in down payment assistance. With a qualifying credit score of 620 and a DTI ratio no higher than 50%, this program can make homeownership more accessible. Alternatives include Fannie Mae and Freddie Mac’s first-time homebuyer programs without income limits and FHA loans for those building their credit.
If you’re ready to explore Freddie Mac BorrowSmart Access or other mortgage options, visit [O1ne Mortgage Inc.](https://o1nemortgage.com) to apply online or speak with one of our Home Loan Experts at 888-372-8820.
**Keywords:** Freddie Mac BorrowSmart Access, down payment assistance, first-time homebuyer, special-purpose credit program, homeownership, mortgage options, O1ne Mortgage Inc.
**Additional Notes:**
– Client will receive a $3,000 credit toward the down payment.
– Offer valid only for first-time homebuyers with qualifying income less than or equal to 140% AMI.
– Property must be located in an eligible county within specified metropolitan statistical areas.
– Completion of a Homebuyer Education Course with GreenPath facilitated by Homeownership Preservation Foundation (HPF) is required.
– Offer valid on new loans locked on or after 2/28/2023.
– Offer valid on primary residence retail purchase loans only.
– Offer is nontransferable and cannot be combined with other discounts.
– O1ne Mortgage reserves the right to cancel this offer at any time.
– Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of O1ne Mortgage.
– Additional restrictions/conditions may apply.
– This is not a commitment to lend.
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