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.

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Couple hugging in front of their new home

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.

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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.

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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

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