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 and options for initial interest-only period
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 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.
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