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.
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.
A non-occupying co-borrower that has a solid credit history, low debt and enough income to meet their needs as well as help one of their relatives can step in and boost an overall mortgage application.
Changes made in conventional lending rules a few years ago now make it possible for real estate investors to finance more than 4 investment properties. Follow these guidelines for help with financing properties 5 through 10.
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.
The title seems misleading, right? Every mortgage lender goes to great lengths to explain to real estate agents and borrowers how mortgage insurance is necessary, how to calculate the amounts and when the mortgage insurance will likely fall off the mortgage. However, how does PMI benefit the actual home buyer?
Although some analysts may still have a few questions about the real estate recovery, historically low rates along with an excellent inventory still make this a great time to purchase a home. However, buying a home is a negotiation. And the side that is best prepared in any negotiation usually comes away with the better deal. Here are some vital questions about home buying and the key to understanding each one.
Are you looking for a vacation property? Do you have a need to commute between two areas for work? These are examples of questions a loan officer would ask if you are considering buying or refinancing a second home.
