A Home Possible Loan is a mortgage program designed to provide affordable financing options for low-to-moderate-income borrowers, particularly in underserved areas.
Home Possible Loans are available to both first-time and repeat homebuyers who meet specific income and property location requirements.
Down payment options can be as low as 3%, making it an accessible choice for borrowers with limited funds.
Yes, you may be able to use rental income from an accessory dwelling unit to help qualify for a Home Possible Loan.
Yes, income limits vary based on the location of the property and the borrower's household size.
Credit score requirements vary, but a higher score can improve your chances of qualifying and obtaining favorable terms.
No, Home Possible Loans are intended for primary residences only.
Yes, refinancing into a Home Possible Loan may be an option if you meet the program guidelines and eligibility criteria.
Collect loan estimates and consider factors like interest rates, fees, and overall terms to determine the best option for your financial situation.
Yes, the Home Possible program is backed by Freddie Mac, a government-sponsored enterprise.
Completing homeownership education may be required for some borrowers and can provide valuable insights for first-time buyers.
The maximum LTV ratio varies depending on factors like the borrower's credit score and the property type.
Yes, you may be able to finance the upfront MIP as part of your Home Possible Loan.
Eligible properties include single-family homes, condominiums, and planned unit developments (PUDs).
Yes, you may be able to use gift funds for the down payment, subject to certain restrictions.