Home Possible Program
The Conventional Home Possible loan program, backed by Freddie Mac, is designed to make homeownership more accessible for low- to moderate-income borrowers.
THE DETAILS:
The Freddie Mac Home Possible Loan Program is designed for qualified low-and moderate-income borrowers. Through Home Possible borrowers can qualify for conforming conventional mortgage with a down payment as low as 3% of the property purchase price and no minimum borrower financial contribution. This program also can be used for “no cash out” refinance of an existing mortgage.
ADVANTAGES :
- Down payment as low as 3% down with no minimum borrower contribution
- Flexible sources of income are allowed, including rental income from boarders and other units in multi-unit properties
- Potentially reduced interest rate for borrowers with low incomes or for properties in underserved areas
- No upfront FGA mortgage insurance (MIP) and potentially lower ongoing private mortgage insurance (PMI) costs as compared to the ongoing FHA MIP cost