Homebuyers with less than 50% of median income are eligible for $2,500 in assistance
CMG Financial has announced that it will offer down-payment or closing-cost assistance to qualifying home buyers based on their area median income (AMI) through the Freddie Mac BorrowSmart program.
Buyers with less than 50% AMI can qualify for up to $2,500, while those with less than 80% AMI are eligible for $1,500. Additionally, those purchasing a manufactured home or a home in a high-needs rural area, with greater than 80% but less than 100% AMI, can qualify for $1,000 in assistance.
BorrowSmart is only available with specific conventional conforming mortgage loans, according to CMG Financial. The program offers down-payment options as low as 3% to primary residences and requires pre-purchase buyer counseling.
"At CMG Financial, we are committed to facilitating homeownership through financing solutions," said Christopher George, president and CEO of 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 home buyer's income. This allows us to help a larger swath of our clients to make the dream of a home a reality."
