CrossCountry Mortgage launched a new cost-saving program for first-time homebuyers.
The Freddie Mac BorrowSmart Access program provides borrowers in specific metros with up to $3,000 that can be put towards a down payment or closing costs.
“In today’s competitive market, first-time homebuyers face many obstacles including trying to save for a down payment,” said Jenn Stracensky, CCM Chief Operating Officer.
“BorrowSmart Access supports our mission of making every mortgage feel like a win by giving homebuyers extra purchasing power and putting homeownership within reach, especially in underrepresented communities.”
Borrowers in Atlanta, Chicago, Detroit, Houston, Philadelphia, and Miami, along with several other high-cost metros in the South, are eligible to receive aid. At least one borrower must be a first-time homebuyer, and all must have an income of no more than 140% of their area median income.
The program is for 1-2 unit primary residences only, and homebuyer counseling is required.
CrossCountry is facing legal difficulties this year, facing two lawsuits.
One, brought by Caliber Home Loans, alleges that CCM poached more than 80 workers who accounted for more than $2.3 billion in origination volume and shared confidential borrower information with their new employer. A similar claim has been made by loanDepot, and another case argues that the company failed to properly pay its employees.
First-time buyers made up 26% of home purchases in 2022, down significantly from 34% in 2021.
“We do expect strong demand from first-time homebuyers over the next several years given the large number of millennials hitting peak first-time homebuyer age, but affordability remains a real challenge in this environment,” Mike Fratantoni, MBA’s SVP and Chief Economist, said.
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