United Community Mortgage Services is proud to announce that it will now be able to offer qualifying home buyers up to $2,500 to help cover down payment or closing costs through the Freddie Mac BorrowSmart℠ Program. Assistance eligibility amount is determined by the borrower’s area median income (AMI) and may fund up to 100% of the required cash to close. United is one of few lenders in the state to offer this service.
“Supporting and improving our communities is a top priority for our company,” said Mike Davies, President of United Community Mortgage Services. “With this offering, we can help home buyers who are in need of down payment assistance feel confident in their ability to achieve and maintain the dream of homeownership. I hope everyone who is eligible will take advantage of the Freddie Mac BorrowSmart℠ Program through United Community Mortgage Services.”
Borrowers whose qualifying income is less than 50% of their county’s AMI qualify for $2,500. Borrowers whose qualifying income is more than 50% AMI, but less than 80% AMI qualify for $1,500. Borrowers with more than 80% AMI but less than 100% AMI qualify for $1,000 if purchasing a home in a high-needs area or a manufactured home.
All borrowers must complete pre-purchase counseling for a cost of $99, to be paid by the borrower. Potential borrowers are encouraged to visit a United Community Bank office in their area to learn more about their potential eligibility and details of the program.