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Home Possible - FHLMC
Home Possible by Freddie Mac is a great option for low-income borrowers.
Freddie Mac's Home Possible loan offers affordable solutions to lower income borrowers with down payment requirements as little as 3%, and no geographic limits on loan amounts
Low down payment with a maximum of 97% LTV, 105% TLTV with Affordable Seconds®, and 97% HTLTV for 1-unit properties
Mortgage insurance (MI) on 1-unit properties can be cancelled after loan balance drops below 80% of the home's appraised value and cancellation criteria are met. MI coverage requirements are reduced for LTV ratios above 90%
Credit fees are capped and less than standard fees for all loans over 80% LTV
1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions
Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity
Qualifying income is limited to 80% of Area Median Income (AMI), effective July 28, 2019. There are no geographic limits on loan amounts
The Freddie Mac Home Possible® mortgage offers your low-income borrower the credit flexibilities to own a home. Home Possible is helping you provide affordable solutions to creditworthy borrowers with down payment requirement of as little as 3%, and no geographic limits on loan amounts. This program helps you provide affordable solutions to more creditworthy borrowers so you can enhance your business and your communities at the same time.