For home buyers
BorrowSmart Accessâ„¢ in Michigan
BorrowSmart Accessâ„¢ is designed to help eligible first-time homebuyers bridge the gap to homeownership by providing down payment assistance and reduced mortgage insurance.
- No credit pull to talk
- Licensed broker, NMLS 1647301
BorrowSmart Accessâ„¢
Key benefits
Down Payment Help
Receive assistance toward your 3% down payment.
Education and Support
Includes a free homebuyer education course.
Stackable Benefits
Can be combined with other assistance programs.
BorrowSmart Access against HomeReady and Home Possible
Both are built for buyers with moderate incomes. The difference is where the home is, and whether you need help with the down payment itself.
| Detail | BorrowSmart Access | HomeReady or Home Possible |
|---|---|---|
| Who it is for | First-time buyers: no home owned in the past 3 years. | First-time and repeat buyers. |
| Where the home can be | An eligible metro area. | Anywhere the loan is available. |
| Income limit | Generally below 80% to 100% of the area median, depending on the county. | Based on 80% of the area median income. |
| Help with the down payment | Assistance toward the 3% down payment, typically $1,000 to $2,500 or more depending on location. | The down payment and closing costs can be gifted or come from assistance. |
| Mortgage insurance | Reduced premiums. | Reduced premiums. |
| Homebuyer education | Required. A free course. | Required. A short course, usually online. |
| Minimum credit score | 620. | 620. |
| Other assistance | Can be layered with other grants, credits, or seller or lender contributions. | Can be combined with assistance programs. |
Check my eligibility
Guidelines
Guidelines for this loan
If your details are close to these guidelines, we encourage you to apply or contact us.
Questions about this loan
If yours is not here, ask it on the call. There are no dumb questions.
How much help can I actually get?
Assistance varies by location and borrower eligibility, but can range from $1,000 to $2,500 or more.
What are the income limits?
Income must generally be below 80% to 100% of the Area Median Income (AMI), depending on the county. Ask a loan advisor to confirm your eligibility.
Can I combine this with other assistance?
Yes. BorrowSmart Accessâ„¢ can be layered with other grants, credits, or seller/lender-paid contributions.
Do I have to pay the assistance back?
Most assistance provided through BorrowSmart Accessâ„¢ is a non-repayable grant or forgivable after a set period, verify specifics with your lender.
Is the application different?
Yes, and it includes completing a free homebuyer education course and submitting proof of eligibility.
What our clients say
Align Lending helped make purchasing my home in Madison Heights a smooth experience. I appreciated the regular updates and clear explanations along the way.
I highly recommend Align Lending to anyone looking for a mortgage broker in Southeast Michigan. The team was knowledgeable, responsive, and easy to work with.
As a first-time homebuyer in Ferndale, I was unsure of some things. Samantha was awesome. She was extremely helpful and made sure I understood every part of the process.
Samantha was extremely helpful during my home loan process in Novi. Communication was quick, the instructions were clear, and everything stayed on track through closing.
Want to shout out Samantha for the expert guidance, made my first-time homebuyer experience seamless! It exceeded expectations and was a stress free process throughout. Grateful for all your help and loving my new home in Bloomfield Hills!
Samantha Shelton was absolutely amazing! She far exceeded any expectations we had. Samantha was our biggest cheerleader throughout the entire home buying process! It literally felt like my best friend was helping us navigate and cheering us on from start to finish. I would recommend her and the team to anyone; you will be in THE best hands. She is so knowledgeable and kind. This was the best, easiest and least stressful mortgage process ever.
Individual experiences. Results vary.
The first conversation does not have to turn into anything
Tell Samantha what you are trying to do, and she will tell you what actually matters in your situation. If the answer is that you should wait, she will say that too.
- 1
Tell us what you are trying to do
Not what product you want. What you are actually trying to accomplish.
- 2
We look at your situation
A licensed Align loan officer works out what matters most for you specifically.
- 3
You leave with a plan
Your options, the tradeoffs, and your next step. No obligation to go further.
Start with your question
Build a homebuyer game planLearn
- First-Time Home Buyer Grants and Programs That Cut Your Upfront Costs
- First-Time Home Buyers: A Step-by-Step Guide From Budget to Closing Day
- State-specific mortgage assistance programs: How to find and qualify
- What's a good credit score to buy a house, and why does it matter?
Align Lending LLC, NMLS #2041154, is a mortgage broker. Samantha Shelton, NMLS 1647301. Equal Housing Opportunity. Licensed in Michigan, Ohio, North Carolina, Florida, Louisiana and Texas. Program guidelines on this page are general and change over time; they are not a credit decision, a preapproval, a commitment to lend, or an offer of credit. Approval depends on your full application, the property and the lender's current guidelines.
