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.

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

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.

Freddie Mac BorrowSmart Access (California) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Minimum 620 FICO score required for all borrowers. A homebuyer education course is required. Residency requirement: Must occupy as primary residence. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. $3,000 grant available at or below 140% AMI. Availability in specific California MSAs — confirm with participating lenders. Must use Freddie Mac BorrowSmart-participating lender.

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.

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.

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

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. Funds are reserved through Contact provider directly; subject to funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.