Delmar Mortgage has become the latest lender to partner with Freddie Mac on a special purchase credit program that aims to narrow the housing gap for historically underserved communities.
As part of Freddie Mac’s BorrowSmart Access program, first-time homebuyers residing in specific metropolitan markets can access up to $3,000 in down payment and closing cost assistance, subject to eligibility criteria and area median income requirements.
“We are thrilled to introduce this program, aiming to narrow the gap in homeownership for our valued clients. While it is already accessible in multiple markets, we are particularly excited to bring this opportunity to our communities, where we have proudly served for over 57 years,” said Kelly Hendrick, senior vice president at Delmar Mortgage.
The Freddie Mac BorrowSmart Access program is available in the following metropolitan markets:
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin
- Detroit-Warren-Dearborn, Michigan
- El Paso, Texas
- Houston-The Woodlands-Sugar Land, Texas
- McAllen-Edinburg-Mission, Texas
- Memphis, Tennessee-Mississippi-Arkansas
- Miami-Fort Lauderdale-Pompano Beach, Florida
- Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
- St. Louis, Missouri-Illinois
To qualify for the program, aspiring homebuyers must meet specific residency criteria within one of these metropolitan areas. Eligibility for the $3,000 assistance will also be based on the area median income and other qualifying factors.
The program is part of Freddie Mac’s equitable housing finance plan, which it updated in March with additional financing for accessory dwelling units (ADUs) and manufactured housing units as well as multifamily initiatives.
Delmar Mortgage was founded in 1966 and operates in 38 states with 16 branch locations.
Other lenders offering the program include Rocket Mortgage, CrossCountry Mortgage, and Guild Mortgage.
This content was generated using AI and was edited by HousingWire’s editors.
