Home Possible Mortgage – Up to 97% Financing
Home Possible® mortgages is a mortgage program offered by Freddie Mac. Home Possible is a responsible, 3% to 5% down payment solution for low-to moderate-income homebuyers or buyers in high-cost or underserved communities.
Program Benefits:
- Low down payment. Up to 97% financing
- Fixed-rate mortgages only
- No minimum borrower contribution for 1-unit primary residence
- No income limits in underserved areas
Program Eligibility:
- No first-time homebuyer requirement, but homebuyer education is required for at least one borrower when all borrowers are first-time homebuyers, or when property is 2-4 unit primary residence
- Lower-cost mortgage insurance (MI) at 25%; lender-paid MI is an available option
- Can be used for purchase and no-cash-out refinancing
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