August 07, 2019

Union Home Mortgage Corp. Launches Freddie Mac BorrowSmart℠ Program

Down payment assistance program helps borrowers who struggle to qualify for a loan

STRONGSVILLE, Ohio - Union Home Mortgage (UHM) is excited to announce the launch of the Freddie Mac BorrowSmart℠ program. Freddie Mac BorrowSmart℠ is an alternative to using a HFA product. It gives a borrower grant assistance based on income or geographical limits. The product will be available in UHM’s retail division.

With Freddie Mac BorrowSmart℠, UHM can create streamlined down payment assistance for borrowers that can go towards closing costs, buying down the note rate and the 3% down payment minimum for a conventional loan. It allows low income buyers to still achieve their dream of homeownership by improving their likelihood of qualifying for a loan and needing less money at the closing table.

The incentive may be used to fund up to 100% of the borrower's required cash to close.

“We are one of the few lenders in the country that offers the Freddie Mac BorrowSmart℠ program. It allows us to serve our communities by providing assistance to borrowers who may be struggling with a down payment,” said Bill Cosgrove, CEO. “Here at UHM, our loan officers are committed to creating a streamlined, world-class process to help our borrowers achieve their goals of owning a home and this program will help make that possible.”

The program is not available in the following states: Arizona, California, Nevada, New Mexico, Oregon, Washington, Idaho, Utah, Colorado, Wyoming, Montana, North Dakota, South Dakota, Nebraska, Kansas, Iowa, Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut.

Learn more about UHM’s loan products: www.unionhomemortgage.com/buy-your-home

Learn more about UHM: www.unionhomemortgage.com

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About Union Home Mortgage

Union Home Mortgage Corp. (UHM) is a high-growth, full-service residential and wholesale mortgage banking company with 130 branches in 36 states. With a culture that stands out in the mortgage industry, UHM Partners (employees) are guided by a Code of Conduct that emphasizes respect, open communication and accountability. UHM is an approved direct lender of Fannie Mae, Freddie Mac, FHA, VA, USDA and other conforming and non-QM loan products, with over $3 billion in responsible lending per year.