Episode 39: Listen Up Homebuyers – Down Payment Assistance Programs with Fannie Mae & Freddie Mac

Episode Summary

Down payment assistance programs are available through the Freddie Mac Borrow Smart Program linked to Home Possible and the new Fannie Mae Purchase Plus program.

Episode Notes

Skip Cobb opened Revolutionary Mortgage Company in 1988. Based in Maryland, Revolutionary Mortgage Company provides conventional, FHA, VA, USDA, and jumbo loans. We are licensed in Maryland, Virginia, D.C., West Virginia, Delaware, and Florida. Skip talks with Victoria Ray Henderson on Listen Up Home Buyers! The only podcast offering advice & tips from exclusive buyer agents.

1:00 What is the purpose of Fannie Mae & Freddie Mac

1:20 Two programs we will talk about are the Freddie Mac Borrow Smart Program linked to Home Possible and the new Fannie Mae Purchase Plus program – both are down payment assistance programs.

1:33 Are they available in all 50 states?

2:00 Fannie Mae Purchase Plus program

2:43 How do the programs work? How do home buyers qualify?

3:04 Restricted income

3:26 Borrow Smart and Purchase Plus minority census areas

4:11 It is property driven meaning only some properties will qualify for these loans

4:50 Links to Freddie Mac & Fannie Mae websites for more information

5:00 $5000 max for the Fannie Mae program includes thousands of properties

6:10 Fannie Mae program is not income limited

6:45 You may qualify if you currently live in the minority census area

7:00 Home Possible Program details

7:47 Do your homework! Investigate what programs you may qualify for in your area

9:18 Your exclusive buyer’s agent should be answering all your questions and advocating on your behalf 100% of the time

10:23 Online education courses are required for some programs

11:23 Skip Cobb provides details of the lender letter which is sent to the listing agent with the contract offer

Skip Cobb Company NMLS: 213201
Skip Cobb NMLS: 211493

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