Home Possible by Freddie Mac – Serving California, Connecticut, Colorado, Florida, Maryland, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, & Washington D.C
Looking for an alternative to FHA, Freddie Mac has introduced a new product, Home Possible® that offers low down payments for low-to moderate-income homebuyers or buyers in high-cost or underserved communities. Click here for the eligibility map and income restrictions by address
- Maximum LTV an CLTV of 95%
- Property Options (video): 1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions.
- Flexible Sources of Down Payments:Down Payment can come from a variety of sources, including family, employer-assistance programs and secondary financing.
- Cancellable Mortgage Insurance (video): Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home’s appraised value.
- Mortgage Flexibility: 15- to 30-year fixed-rate mortgages, 5/1, 7/1 and 10/1 ARMs.
- Refinance Options (video): No cash-out refinancing option is available for borrowers who occupy the property.
- Income Flexibility (video): Borrowers with incomes above AMI may be eligible in high-cost areas. No income limits in underserved areas. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties.
- No Credit Score Necessary (video):Borrowers without credit scores are eligible for mortgages with down payments as low as five percent. Learn more. [PDF]