Rocket Mortgage announced that it is the first national lender to offer Freddie Mac’s BorrowSmart Access program.
The program offers a $3,000 credit for first time homebuyers to use toward their down payment – helping to reduce the largest hurdle to homeownership, especially in underserved communities.
First time homebuyers can use BorrowSmart Access if they are purchasing a home in several counties across 10 metro areas – Atlanta; Chicago; Detroit; El Paso; Houston; McAllen, Texas; Memphis; Miami; Philadelphia and St. Louis. To qualify for this program, the buyer must have an income equal to or less than 140 percent of the area median income (AMI) and meet all other Freddie Mac lending guidelines.
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