Compared to Conventional Loan
- Lower down payment
- Lower mortgage insurance rates for qualified credit scores
- Lower interest rates than other conventional loans with qualified credit scores
Benefits of a Home Possible Mortgage
- Low money down. As low as 3% down for home purchase’s and refinance’s.
- No minimum contribution required from the borrower’s own funds.
- Homeownership education course is required. Some available for free from our insurer’s
Home Possible® Mortgage Features
- Freddie Mac offer’s 35 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 can come from a family member, employer-assistance programs and secondary financing.
- Flexible mortgage terms fixed rate 30 yr for 97% LTV 15 10 30 yr terms for 95% LTV
- Household income considered for qualifying.
- Primary residence only all borrowers must occupy the property
Home Possible Mortgage Eligibility
Click here to see if you are eligible.
Get Pre-Approved for a Home Possible Mortgage
We focus on Southfield, Macomb Township, Clinton Township, Chesterfield Township, Harrison Township and St. Clair Shores, but offer home loans across all of Michigan.