The program helps first-time buyers by subsidizing their closing costs
Newrez has added Freddie Mac BorrowSmart Access mortgage program to its affordable home loan offerings, the wholesale lender announced Monday.
BorrowSmart Access provides first-time homebuyers $3,000+ in closing cost assistance if they meet the following qualifications: 3% minimum down payment, complete one-on-one homeownership counseling, and income less than or equal to 140% of the area median income.
"We're thrilled to work with Freddie Mac to bring BorrowSmart Access to market," Newrez president Baron Silverstein said in the company's news release. "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."
Read next: Rithm Capital reveals plans to go public
Newrez and its sister company, Caliber Home Loans, will offer the loan program in 10 metro areas, 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, senior vice president 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."
Want to make your inbox flourish with mortgage-focused news content? Get exclusive interviews, breaking news, industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
