Freddie Mac Home Possible and Home Possible Advantage offer first-time home buyers and low- to moderate-income borrowers low down payments and flexible source of funds.
- Purchase or rate/term refinance
- 1-4 unit primary residence.
- Borrower’s own funds are not required for the down payment on 1-unit residence.
- Borrowers are not required to be first-time homebuyers.
- Homeownership education course required for first time homebuyers.
- Income and property restrictions apply per Freddie Mac guidelines (income limits do not apply in underserved areas - LP will determine applicability) ®
- Affordable Seconds and institutional subordinate financing is allowed up to 95% CLTV.
- Affordable Seconds are allowed up to 105% CLTV on Home Possible Advantage.
- Lower mortgage insurance cost due to lower MI coverage requirements compared to standard Freddie Mac Programs.
- Lender Paid Mortgage Insurance options offered.