Down Payment Assistance

Freddie Mac BorrowSmart® Program – Freddie Mac Single-Family 

This website is “Freddie Mac confidential information” as described in and subject to the provisions of Guide Section 1201.8(a). It must not be disclosed or distributed to external third parties.

The Freddie Mac BorrowSmart® program provides assistance for income-qualified borrowers to be used towards the down payment or closing costs required to finance a home. BorrowSmart® is available in all 50 states and the District of Columbia.

Effective June 30, 2022, the program will provide additional assistance within certain geographic areas of the Core-based Statistical Areas (CBSAs) listed below, as identified in the Freddie Mac BorrowSmart® Income and Property Eligibility Tool.

Core-based Statistical Areas (CBSAs):

  • Detroit (Detroit-Warren-Dearborn)
  • Chicago (Chicago-Naperville-Elgin)
  • Baltimore (Baltimore-Columbia-Towson)

And additionally,

  • The Commonwealth of Puerto Rico

To identify whether a given property is located in a designated rural tract within a high needs area, lenders must use the Freddie Mac Home Possible Income & Property Eligibility Tool.

 

Robert Wood Johnson Foundation Grant

First Independence Bank has partnered up with Robert Wood Johnson Foundation to provide Down Payment Assistance to Detroit, with a focus on minority, disadvantaged, low-income and other underserved populations. The Robert Wood Johnson Foundation   is offering a grant of up to $7,500 toward down payment & closing cost for first time home buyers.  Here are some basic guidelines and requirements for the program:

  • Available for homes located in Michigan, in the counties of Wayne, Oakland, and Macomb.
  • Qualifying low-income households.
  • Conventional Loans Only.
  • Minimum credit score of 640.
  • 2- year employment history required.
  • New or existing single-family residence, agency approved condos, and new or existing multiple section Manufactured homes.
  • Borrower must occupy the property as his/her primary residence within 60 days of loan closing.
  • You must complete the required HUD approved education