Flexible Loan Program for Low Income Borrowers with Low Down Payment Requirement
Home Possible
Loan
The Freddie Mac Home Possible program helps low-income borrowers secure a home with just 3% down and flexible credit requirements. If you don’t qualify for traditional financing, but have decent credit, the Freddie Mac Home Possible program may be just what you need.
Loan Highlights
- As little as a 3% down payment required
- A minimum FICO® Score of 660
- Loans available for borrowers who make 80% or less of the area’s median income
- Loans available on 1 – 4 unit properties, condos, and PUDs, but with varying down payment requirements on multi-units
- Non-occupying borrowers allowed on the loan to help with qualifying purposes
- Lower Mortgage Insurance requirements than standard Freddie Mac loans and it’s cancellable at 80% loan-to-value ratio
- Available as a fixed-rate or adjustable-rate mortgage
Have Questions? Let’s Chat.
Call us today at (888) 379-0303 for a Free Consultation and to learn if a Home Possible loan may be right for your situation.
Loan Requirements
- A 3% down payment is required, but funds may come from other sources and there’s no minimum borrower contribution on 1-unit properties
- May use non-occupying borrower’s income (non-borrower income) to qualify for the loan
- All buyers/borrowers must take a Financial Literacy course (online and at your own pace)
- The property must be your primary residence
- You must prove you have the income (from all sources) and stable employment to maintain the payments.
Other terms and conditions will apply. Contact a Mortgage Loan Originator for more information.
We’re dedicated to helping borrowers find the right home loan program for their situation. Contact us today for a free quote and consultation.
Call us today: (888) 379-0303
