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With Millennial Home Loans quick online loan application, determining if you qualify for a BorrowerSmart Program Loan and for how much, has never been easier.

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Home » Down Payment Assistance Programs - BorrowerSmart

BorrowerSmart $1,250 - $2,500 Down Payment Credit – Special Limited Time Only

With the BorrowerSmart Grant Eligible Homebuyers Can Receive a Credit Toward Their Down Payment Up To $2,500

Guidelines

Millennial Home Loans, for a limited time only, is offering the BorrowerSmart Conventional Loan program, which provides a $1,250 or $2,500 Down Payment Credit, based on 80% and 50% Area Median Income; respectively. Minimum 3% down payment required. This means the effective down payment required on a 3% conventional loan can be reduced by either $1,250 or $2,500.

BorrowerSmart Down Payment Credit Program offers the following benefits:

$1,250 or $2,500, based on 80% and 50% Area Median Income; respective, down payment credit from the lender, lowering the homebuyer cash-to-close requirements
Grant from the lender up to $2,500, with NO repayment requirement or silent second lien
No geographic restrictions
The borrower can be a first-time homebuyer but isn’t required

BorrowerSmart Payment Credit Program Borrower Eligibility Requirements

Area Median Income Requirements 80% or lower of the Area Median Income. If the subject property is in an underserved area the Area Median Income requirements are waived. Use the Freddie Mac Tool to determine Area Median Income and underserved areas
Loan amount can’t exceed conforming loan limits
Maximum loan to value of 97%
Must receive a LP Accept underwriting findings
Minimum middle credit score of 620
3% to 6% maximum seller closing cost assist allowed, based on the down payment amount
Non-occupant co-signers are not permitted
Manufactured homes permitted with 5% down payment

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Answer a few questions, and a BorrowerSmart Program Home Loan Mortgage Expert will call you back.

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