Freddie Mac BorrowSmart Access (California)

What is Freddie Mac BorrowSmart Access (California)?

Freddie Mac BorrowSmart Access (California) is a grant for homebuyers in California.

• Freddie Mac BorrowSmart Access provides up to $2,500 in down payment or closing cost assistance for low-income first-time homebuyers in California through participating lenders. True grant.
• Up to $2,500 in assistance.
• non-repayable grant.
• Funding comes from Freddie Mac.

How much assistance does it provide?

Freddie Mac BorrowSmart Access (California) offers up to $3,000 in assistance.

• The program asks buyers to contribute 3% of purchase price (borrower minimum).
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Freddie Mac BorrowSmart Access (California) is structured as a grant, so it is not repaid.

• Repayment is triggered by N/A (non-repayable grant).
• The assistance is recorded in N/A (grant - no lien) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Freddie Mac BorrowSmart Access (California) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Freddie Mac BorrowSmart Access (California) limits household income to 140% of the area median income, which varies by county and household size.

• Low income: household income ≤80% of Area Median Income (AMI).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Freddie Mac BorrowSmart Access (California) caps the purchase price as follows: Contact program for current purchase price limits.

• Eligible property types include Single-family (1-2 unit), conventional condominium, townhome, PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Freddie Mac BorrowSmart Access (California) serves buyers purchasing anywhere in California.

How do you apply?

Applications for Freddie Mac BorrowSmart Access (California) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Contact provider directly; subject to funding availability, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.