New Exclusive Financial Assistance Program Now Available with Colonial


One of the biggest challenges facing potential homebuyers in purchasing a home is saving for the down payment and closing costs. As rent and home prices increase, it can be difficult to save the money necessary for these expenses. However, Colonial is excited to offer a new program designed to help mortgage borrowers with their down payment or closing costs called Freddie Mac BorrowSmart℠.

Freddie Mac BorrowSmart℠ is a program that offers qualified very-low-to-moderate income borrowers in qualified areas down payment and/or closing cost assistance if they participate in select homebuyer counseling. This offer is also available for manufactured homes, a benefit that a number of other assistance programs do not offer.

Program Features

  • Borrowers can earn up to $2,500 towards down payment and/or closing costs before March 31, 2020, and up to $1,500 towards down payment and/or closing costs after April 1, 2020
  • Income and location qualifications apply
  • Homebuyer counseling required through approved provider which will incur a $99 fee
  • Other eligible sources of funds such as gifts allowed
  • Can be used in conjunction with other down payment assistance programs

For borrowers that may have difficulty saving for a down payment and closing costs, financial assistance might be the boost they need to offset those costs and purchase a home. To learn more about Freddie Mac BorrowSmart℠, talk with one of our Loan Officers today to discuss eligibility requirements and how you can take advantage of this great program. Visit GoColonial.com to learn about all of the products and services Colonial has to offer.

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