Independent Bank is giving homebuyers a helping hand with their down payment through a new program with Freddie Mac.
The Grand Rapids-based bank said Wednesday that it is working with Freddie Mac to assist homebuyers in overcoming one of the most common barriers to homeownership — the down payment. The two institutions are working together to offer MatchUp, an All For Home solution, an automated mortgage savings plan that puts customers on a steady path toward purchasing a home.
“The MatchUp program means that a qualifying homebuyer can virtually triple their down payment through this program,” said AJ Harma, first vice president, mortgage lending, at Independent Bank.
“For example, if a qualified homebuyer saves $1,250 over the course of at least six months, we can match that savings with an additional $2,500, for a total amount of $3,750 that can be used toward their down payment. MatchUp allows us to help make a real impact in the communities we serve.”
As part of the program, qualified homebuyers will take part in the MatchUp journey, including homebuyer counseling. To further assist homebuyers, Independent Bank also will match a customer’s down payment funds up to $2,500.
More information about MatchUp is on Independent Bank’s website.