Bulletin 2024-036 BorrowSmart Home Possible Low-Income Purchase (LIP) Program Update
Newrez LLC "Newrez" Approved Correspondent Clients; Freddie Mac has now extended the BorrowSmart Home Possible Low-Income Purchase (LIP) Program through March 31, 2025, and has increased the credit from $500 to $1,250 effective with new applications on or after June 1, 2024.
The Homeownership Preservation Foundation (HPF) counseling requirement for LIP remains in effect. The $99.00 HPF counseling fee is no longer required to be paid by borrower or lender.
Reminder: The Very Low-Income Purchase Program (VLIP) must be purchased by Newrez on or before June 14, 2024.