CrossCountry Mortgage (CCM) has unveiled CCM Smart, a program designed to help first-time homebuyers cover 2% of down payment costs up to $4,000.
Under CCM Smart, at least one occupying borrower must be a first-time homebuyer and must be at or below 80% of the County Area Median Income (AMI). If all borrowers on the home loan are first-time homebuyers, at least one must complete a homeownership education course.
CCM Smart Start is available in all 50 states and Puerto Rico. CCM Smart Start allows for 3-2-1, 2-1, and 1-1 temporary rate buydowns, and the program does not have a repayment requirement.
“Saving for a down payment can be a huge obstacle for first-time homebuyers,” said Jenn Stracensky, chief operating officer at Cleveland-headquartered CCM. “CCM Smart Start allows homebuyers to put less cash down, keep more savings intact, and have more money to build their future.”
Doesn’t matter, there isn’t any first time buyer inventory