THIS JUST IN: Freddie Mac BorrowSmart℠ Now Available Through Cardinal Financial Wholesale

THIS JUST IN: Freddie Mac BorrowSmart℠ Now Available Through Cardinal Financial Wholesale

Posted on September 15, 2022

The most common barrier to homeownership today is saving enough money for a mortgage down payment. That’s why Cardinal Financial Wholesale is proud to announce our newest offering for our broker partners: Freddie Mac BorrowSmart℠.

This exclusive down payment assistance program helps your clients bridge the gap between savings and competitive down payments by providing assistance up to $2,500 to be used towards the down payment or closing costs required to finance a home. On top of that, Freddie Mac BorrowSmart goes above and beyond the average down payment assistance program with HUD-certified homebuying counseling.

What is Freddie Mac BorrowSmart?

Through Freddie Mac BorrowSmart, Freddie Mac works with select lenders and the Homeownership Preservation Foundation (HPF) to help very low, low, and certain moderate-income borrowers obtain down payment assistance. HPF is a national nonprofit whose network of housing counseling agencies provides HUD-certified pre-purchase housing counseling.

How does Freddie Mac BorrowSmart work?

Through the Freddie Mac BorrowSmart client journey, the HPF conducts an eligibility assessment to determine if the borrower meets the program requirements. Borrowers are then referred to a GreenPath Financial Wellness HUD-certified counselor to receive their individualized pre-purchase counseling over the phone. On average, counseling sessions last 60 minutes.

When borrowers are confirmed as mortgage-ready, HPF sends the borrowers back to their original lender to originate a Freddie Mac Home Possible® or Freddie Mac HomeOne® loan, for which borrowers need to put down as little as 3%.

How does Freddie Mac BorrowSmart help scale business?

Especially in today’s market, buyers often need a financial boost to make a larger down payment and a more competitive offer on a home. Freddie Mac BorrowSmart helps brokers like you deliver that additional borrowing power for your clients (and stand out from the competition while you’re at it).

These are just some of the benefits your customers will love about this program:

  • Assistance may be used to fund up to 100% of required cash for down payment or closing costs.
  • Can be used in conjunction with gift money to meet minimum down payment and closing cost
  • Helps re-establish cash reserves post-closing that can be used for emergencies, maintenance, and other costs associated with the purchase of a home.
  • May be combined with other down payment assistance programs to provide maximum support.
  • Homebuyer counseling is available to fully prepare customers for sustainable homeownership.

Ready to take advantage of this exclusive offering from Cardinal Financial Wholesale? Call your Account Executive to get started!

About CF Wholesale

Cardinal Financial Wholesale believes in the success of our brokers because what fuels their business, fuels ours. We are committed to giving brokers tools, training, efficiency, and experience so they can compete for the business of the modern consumer. We’ve spent time and resources getting the right processes in place and we’re serious about ensuring that our brokers are put in the best position to succeed. Interested in partnering with Cardinal Financial Wholesale? Joining our team is easy! Click here to get started or learn more about becoming an approved broker partner.

All rights reserved. Cardinal Financial Company, Limited Partnership, NMLS ID 66247, is an Equal Housing Opportunity Lender. This is not a commitment to lend. Information is intended for the use of mortgage professionals only and not intended for public use or distribution. This is not an advertisement pursuant to 12 C.F.R. 1026.2(a)(2). All information is subject to change at any time without notice. Corporate Address: 3701 Arco Corporate Drive, Suite 200, Charlotte, North Carolina 28273.