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CU Members Mortgage is first lender to launch Freddie Mac BorrowSmartSMprogram to credit unions

CU Members Mortgage, a division of Colonial Savings, F.A., is excited to announce the launch of the Freddie Mac BorrowSmart program. The program offers down payment and/or closing cost assistance for borrowers based on income and geographical limits.

With Freddie Mac BorrowSmart, eligible members receive assistance that can go towards closing costs, buying down the note rate and the 3% down payment minimum for a conventional loan. The assistance may be used to fund up to 100% of the borrower’s cash to close.

The incentive is based on a tri-tiered level of income qualifications and high needs areas defined by Freddie Mac. The member is required to participate in homebuyer counseling provided through the Homeownership Preservation Network. The loan officer will work with each eligible member guiding them through the process.

“We are proud to be the first lender offering the Freddie Mac BorrowSmart program to credit unions. It shows our deep commitment to them and the communities they serve, making affordable lending options available,” said J. David Motley, President. “We hope this opportunity benefits many new homeowners who might be struggling with a down payment.”

The program is not available in the following states: Alaska, Colorado, Connecticut, Hawaii, Idaho, Iowa, Kansas, Maine, Massachusetts, Montana, Nebraska, New Hampshire, North Dakota, Rhode Island, South Dakota, Utah, Vermont, Wyoming.

J. David Motley.

CU Members Mortgage