Home Loan Heroes


Does the idea of being a homeowner feel like an unattainable goal? You might be closer to owning a home than you think.

One of the biggest hurdles first-time homebuyers face is coming up with the upfront cash needed to make a down payment or pay closing costs. While both are required to finance a home, these costs can make homeownership seem unaffordable before you even get a chance to explore home loan options.

This issue is not unique to first-time homebuyers. Many homeowners looking to relocate can face similar financial obstacles, especially if there are economic disparities between where they currently live and where they are moving to in the future.

To alleviate this issue, the  Freddie Mac BorrowSmartSM Program provides homebuyers with up to $2,500 in financial assistance which can be used toward a down payment or closing costs. The best part? You don’t have to repay it!


In addition to not having to pay back the money from the program, BorrowSmart affords eligible applicants several benefits. These benefits include:

  • No first-time homebuyer requirement
  • Combine funds with gift money or other down payment assistance programs
  • Provides personal homebuyer counseling from a HUD-approved housing counseling organization*
  • Allows for cash reserves post-closing for emergencies, maintenance, energy efficiency improvements and other associated costs.
  • Helps first-time homebuyers begin to build wealth through homeownership.


As with any home loan program, borrowers must meet set requirements before anything can be completed. These requirements include:

  • Freddie Mac Home Possible® and HomeOneSM mortgages are eligible for this program
  • Qualification is based on Area Media Income and other eligibility criteria
  • Completing a homebuyer counseling program

Still have questions about this program or what it takes to become a homeowner?  A PrimeLending loan expert can answer your questions and help guide you through the process.


*Homebuyer counseling is a requirement to participate in this program. Borrower is responsible for the $99 counseling fee.