Home Possible Mortgage Program

The Home Possible mortgage program from Freddie Mac allows low and moderate-income borrowers to qualify for a home loan. It is an income based flexible mortgage solutions designed to make homeownership more accessible for first-time home buyers, move-up borrowers, or retirees. Home Possible offers low rates, low financing costs, and reduced mortgage insurance costs. It also allows a down payment as low as 3%.

Key Factors of Home Possible Mortgage Program

• Borrower income must be below 80% of the area median income (AMI).
• Nontraditional credit histories can be considered.
• Credit score as low as 620 can be accepted.
• Loan to value (LTV) limits of up to 97%.
• Adjustable-rate mortgages (ARM) are allowed.
• A maximum of 50% debt-to-income ratio.
• You must participate online or in-person in an approved homeownership education course.
• Single-family homes of 1- to 4 units, manufactured homes, condos and planned unit developments can qualify.
• The mortgage insurance on Home Possible loans can be cancelled once you reach a 78-80% loan-to-value (LTV) ratio.
• Flexible sources of funds for down payment.
• The home must be used for at least one borrower's primary residence.

At Premium Mortgage Demo, we provide personalized service with professional unbiased advice so you can make the best financial decisions as per your unique requirements.

We will be happy to answer all your questions and discuss your options. Call us at 877 123 XXXX or click the button below to request a free consultation with one of our mortgage advisors.

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