Pennsylvania Mortgage Advisors

BorrowSmart Downpayment assistance Pennsylvania Lender

BorrowSmart Downpayment Assistance Loan in Pennsylvania

Interested in receiving a Lender Credit with your mortgage loan? Learn more about the BorrowSmart downpayment assistance program for first-time home buyers and see if you qualify with BMC Keystone.

What is the BorrowSmart Mortgage Loan Program?

The Borrower Smart program is a Freddie Mac mortgage program designed to make homeownership more accessible to first time buyers. Because coming up with a down payment is one of the biggest obstacles first-time buyers face, this program helps by offsetting some of their out-of-pocket closing costs. In today’s competitive market BorrowSmart Program can make a difference in your ability to purchase a home. It will reduce the amount of cash you’ll need for settlement.

  • 30-year fixed rate
  • As little as 3% down
  • Up to $2,500 Lender Credit towards allowable closing costs based on borrower’s income vs the area’s median qualifying income (AMI).

Because this is a Freddie Mac program, (a loan backed by the Federal Home Loan Mortgage Corporation) there are strict eligibility requirements. With requirements and income limits that vary by zip code, knowing if you qualify can be hard to navigate unless you’re familiar with the program and local lending protocols. Let us see if you qualify. And don’t worry, this is just one of several first time buyer programs available to borrowers in PA. We’ll take a look at all of them for which you may qualify.

How is BorrowSmart different from other mortgage loan programs?

This loan program allows your lender credit to offer a credit, in an amount up to $2500, applied as a credit on your settlement sheet, offsetting your allowable closing costs.

What are some of the BorrowSmart eligibility requirements?

  • At least one borrower must be a first-time home buyer, or have not owned a home within the last 3 years.
  • The property must be a primary residence including town homes and condos.
  • You need at least 3% for your down payment.
  • Pre-purchase home buyer counseling required

The BMC Keystone Difference

Keep in mind that a loan with a lender credit may have a slightly higher interest rate. However, if coming up with the cash for settlement is going to be a challenge, we’ll help you determine if the trade-off is worth it. If you’re interested in a lender credit, let us know up front. We will scan the market for programs/lenders that offer a lender credit towards your closing costs. And once you find the perfect house, we’ll work with you and your real estate professional to structure your offer.

Schedule a Free Consultation to learn more and see if you qualify.