Freddie Mac Borrowsmart
®
As one of the few lenders to offer the Freddie Mac’s BorrowSmart® program, Bell Bank Mortgage is here to help you through the process of applying for grants to cover down payments or closing costs. Borrowers whose qualifying income is less than or equal to 50% of county area median income (AMI) can receive $1,500 in assistance. Follow these steps to stay organized along the way:
Step-By-Step Process: Step 1: Complete a phone call with Homeownership Preservation Foundation (HPF). Your loan officer will connect you with HPF for the call. HPF will gather your information, complete the eligibility certificate and email it to you. Step 2: Email the eligibility certificate to your loan officer. Step 3: Complete pre-purchase homeownership counseling. After scheduling a time that works best for you, an HPF housing counselor will call you for your 1-on-1 counseling session. (Expect this to take 60 to 90 minutes; only one occupying borrower must participate.) Your counselor will email the pre-purchase homeownership counseling certificate to you. Step 4: Email the pre-purchase homeownership counseling certificate to your loan officer. Step 5: Wait for further details from your loan officer. Subject to credit approval. Income restrictions apply. Primary, 1-2 unit residences only. No manufactured homes. Program guidelines are subject to change without notice. Not available in all markets. Other restrictions apply.
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