Home Possible Mortgage Loans offer
- Availability to lower income borrowers at a low down payment.
- Affordable rates and mortgage insurance at qualifying credit scores.
- Non Occupant co-borrowers can help borrowers qualify.
- Affordable solutions for first time homebuyers.
Benefits of a Home Possible Mortgage
- Low money down. As low as 3% down for home purchase’s and 95% loan to value for refinances.
- No minimum contribution required from the borrower’s own funds.
- Gift funds, Grants, Cash on hand, proceeds from unsecured loans and sweat equity allowed.
- Conforming and super conforming loan amounts allowed. $726,200.00 conforming and $1,089,300 Super con forming.
- Manufactured homes with fully amortizing fixed rates.
- Affordable seconds can provide 100% of borrowers down payment funds.
- Any secondary financing that meets Freddie Mac requirements is allowed.
- Borrowers with out credit score eligible at 95% loan to value.
- Owner occupied, planned unit development, Manufactured homes, and condominiums are eligible.
Home Possible Mortgage Features
- Freddie Mac offer’s 3% and 5% down solutions.
- First-time buyer or previous home buyer.
- Mortgage insurance is reduced compared with standard requirements and automatically drops off at 78% loan to value.
- Down Payment funds can come from a family member, employer-assistance programs and secondary financing.
- Flexible mortgage terms fixed rate 30 yr for 97% loan to value 20, 15, and 10 yr terms for 95% loan to value.
- Household income considered for qualifying.
- Primary residence only 1 unit, 2 to 4 units have additional requirements.
Home Possible Mortgage Eligibility
Qualifying income is limited to 80% of the area median income (AMI) Click here to see if you are eligible. Homeownership Education is required. homeownership education my be provided by an eligible source such as a HUD approved counseling agency or insurance provider. A certificate of of completion much be provided.
Get Pre-Approved for a Home Possible Mortgage
Licensed in Michigan and Florida for Home Possible mortgage loans.