Home Possible® is a Freddie Mac program that has very flexible credit guidelines for low to moderate income borrowers. It’s available to purchase or refinance a single-family home, condominium, or a 2–4 family home.
If you need some help to overcome obstacles to homeownership such as, having a non-traditional credit history or lacking of funds for a down payment, or just needing extra credit flexibility, we offer affordable financing solutions for qualified borrowers who want to purchase or refinance a home.
3%* minimum contribution from borrower’s own funds (one-unit)
Up to a 30-year term
Eligible for Community Seconds or standard subordinate financing
Available for 2, 3 or 4-unit properties for borrowers who want to live in one unit and rent out the others
Competitive rates
Choose a fixed rate or an ARM if you don’t plan on being in the home for long
PMI required for loans over 80% LTV but at a reduced rate – except in cases where LPMI is used
Borrowers must be at or below 80% of the median area income limits to qualify
Not just for the first time homebuyer
Available for purchases and rate and term refinances
Median area income limits and property location limitations apply and can be checked on Freddie Mac’s website: Income and Property Limits
*3% down payment on $250,000, 4.000%/ 4.815% APR, 740 FICO, 30-year fixed rate mortgage. Mortgage insurance is required. Rates subject to change. Subject to credit approval. At least one borrower must be a first time home buyer. Borrowers who have not held interest in a property in the last three years are also considered first time home buyers.
Home Possible® is a registered trademark of Freddie Mac.
Buying a home while in the middle of a divorce takes a bit more preparation and understanding compared to other types of home purchases. The following information should help people that are in the midst of a divorce and wishing to buy another home.
If your situation doesn’t fit the standard expected by lenders, you could find it more difficult to qualify for the home loan you want. But there could be other options that will make financing your home purchase easier.
Before you consider buying a condo, it is important to find out if the condo has been approved by Fannie Mae or Freddie Mac, if you are going to use a conventional loan. If you are using a government-insured loan from the FHA, VA, or USDA, the condo project has to be approved by their requirements.
The option of using a non-occupying co-borrower on FHA, Fannie Mae or Freddie Mac mortgage loan opens up homeownership to more borrowers. These are often first-time home buyers who wouldn't otherwise be able to qualify so soon.
Rather than provide their kids or grandkids with a check as a down payment on a home, some people choose to offer a gift of equity on an existing home.
The following will compare an FHA loan vs Conventional mortgage, not to show that one is better than the other, but to highlight the strengths of each mortgage.
Learn how to purchase a fixer-upper and totally remodel it! With a little insight and some negotiation skills, it is possible to find that diamond in the rough.
Many people reach a place in their life where they are ready to improve on their quality of living. This could mean investing in real estate as a way of improving their monthly cash flow or it could simply mean buying a nice vacation home at the lake, in the mountains, or on the beach. For people who wish to convert their primary home to a rental property there are a few rules and guidelines to follow.
Thomas J. McNeal, Founder of T-MCNEAL REAL ESTATE SERVICES in Milwaukee, Wisconsin, launched his career in commercial an...Read More →
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