Home Possible®

The Freddie Mac Home Possible® mortgage offers more options and credit flexibilities to help very low-to low-income borrowers attain the dream of owning a home.

Overview of Home Possible® 

  • Affordable 3% down payment solutions
  • Up to 30-year fixed
  • No reserve required
  • Reduced M.I. Coverage
  • Low down payment option, up to 97% loan-to-value (LTV); 105% total LTV (TLTV) with Affordable Seconds®
  • Purchase and no cash-out refinancing
  • Super conforming mortgages (with additional restrictions)
  • Fixed- and certain adjustable-rate mortgages (with associated LTV/TLTV/HTLTV requirements)
  • Condos, planned unit developments (PUD), and manufactured homes (with additional restrictions)
  • Owner-occupied primary residences

 

Who Is Home Possible® For?

  • Borrowers who desire a low down payment solution with flexible sources of funds.
  • Very low-to-low-income borrowers.
  • First-time homebuyers, move-up borrowers, and retirees.

 

Property Type/Eligible Properties

1-4 units, condos, and planned-unit developments; manufactured homes are eligible with certain restrictions.

CLICK HERE for the Home Possible® Income and Property Eligibility Tool

 

Flexible Sources of Down Payments

Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity.

Maximum LTV Ratios

Low down payment with a maximum of 97% LTV, 105% TLTV with Affordable Seconds®, and 97% HTLTV for 1-unit properties.

Mortgage Insurance

Mortgage insurance (MI) on 1-unit properties can be canceled after the loan balance drops below 80% of the home’s appraised value and cancellation criteria are met. MI coverage requirements are reduced for LTV ratios above 90%.