Freddie Mac Home Possible
Freddie Mac’s Home Possible provides a cost-effective mortgage solution that is tailored to help people in under-served markets become their community’s next homeowner. Although this loan is like other specialized programs with low down payment options and flexible terms, it allows greater flexibility when it comes to qualifying income requirements and maximum loan amounts.
Is It Right for You?
Ideally suited for first-time and repeat homebuyers with low to moderate income who reside in a high-cost or under-served community; also works well for individuals with newly established careers or significant student loan debt.
Is It Right for Your Situation?
Primary residence, single family and 2-4 unit properties, condos and townhomes, Planned Unit Developments (PUDs), and manufactured double-wide homes; loan amounts up to $802,650 and can be higher in certain areas (income and property eligibility).
Features and Benefits
Down payment as low as 3%
Flexible income and qualification requirements
Fixed-rate and Adjustable Rate Mortgages (ARMs) available
Accommodates higher loan and income limits for high-cost real estate markets
Cash for down-payment and closing costs can come from multiple sources, including gifts and qualified grants
No reserves required for 1-unit properties
Homebuyer education requirements may apply
When you are looking for a responsible mortgage solution to maximize flexibility and financing options for your new home, the Freddie Mac Home Possible offers a unique mortgage solution that can meet your personal goals for homeownership today, and into the future.
Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Mortgage Center Near You.