Home Possible

HomePossible loans – Everything You Need To Know 

HomePossible Loans:

• Low interest rates
• 3% down payment
• Gift for down payment
• 620 minimum credit score
• Seller paid closing cost up to 3%

The purpose of the HomePossible® and HomePossible Advantage® programs is to finance the purchase of primary residences, two- to four-unit owner-occupied properties, and eligible manufactured homes. Both programs are geared toward first-time homebuyers who have limited funds available for their down payments but meet the rest of the lending criteria.

Freddie Mac HomePossible® and HomePossible Advantage® mortgages (collectively referred to as HomePossible mortgages) offer outstanding flexibility and options to meet a variety of borrowers’ needs. With HomePossible, you’ll capitalize on opportunities to meet the home financing needs of low- and moderate-income borrowers looking for low down payments and flexible sources of funds.

Benefits of HomePossible Loans

The program’s reduced mortgage insurance coverage requirement results in lower mortgage insurance costs for qualifying HomePossible borrowers. They also benefit from:

• Reduced requirements for borrower contributions and reserves
• The ability to use Affordable Seconds^® and nontraditional sources of funds for a down payment, closing costs and prepaids
• A requirement to complete pre-purchase homebuyer education, so first-time homebuyers will be better informed about the responsibilities of owning a home

The HomePossible® and HomePossible Advantage® are two conventional loan programs created by Freddie Mac. They are affordable given their smaller 3% to 5% down payment requirement. HomePossible mortgages are designed for low to moderate-income home buyers and are well-suited for first-time home buyers.

Eligible property types 1-unit properties, condos and planned unit development. The program does have income limits.

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