Bulletin 2023-077 BorrowSmart® Product Release
Newrez Financial LLC "Newrez" Approved Correspondent Clients please note that Newrez has added Freddie Mac’s BorrowSmart® Program to its product offering. This program is designed to provide qualified low and moderate income borrowers with up to $1,500 in down payment and closing costs assistance. Homebuyers counseling in required and must be completed by HPF/GreenPath.
For additional product details, please refer to Job Aid.
Program Overview
Product Names
- BorrowSmart® HP Standard 30 Year Fixed
- BorrowSmart® HP Standard 30 Year w/ Afford 2nd
Very Low-Income Purchase (VLIP)
- $1,500 for borrower(s) whose qualifying income is less than or equal to 50% of Area Median Income (AMI)
Low-Income Purchase (LIP)
- $500 for borrower(s) whose qualifying income is greater than 50% and less than or equal to 80% of AMI
Job Aid