Home Possible Mortgage Program

Home Possible Mortgage Program is sponsored by Freddie Mac. Similar to HomeReady, this conventional loan program may qualify borrowers for a $2,500 credit if their income is 50% or less of their area's median income.

Home Possible® - Freddie Mac Single-Family Help qualified borrowers overcome a leading barrier to homeownership with Home Possible ® , a low down payment mortgage solution for low- and very low-income borrowers.

Grow opportunities with: A 3% down payment with flexible sources of funding Robust features designed for the changing needs of today’s borrowers Housing options from single-family homes, manufactured housing, energy-efficient properties and renovations to condominium units Credit fee caps and additional savings for qualified borrowers Underwriting confidence with Loan Product Advisor ® (LPA ® ) Explore how Freddie Mac’s Home Possible ® has helped over one million families achieve homeownership through low down payment solutions.

Learn about the impact, stories and ongoing support that continue to open doors for borrowers nationwide. Read the executive insight and watch how Bell Bank Mortgage is making home possible.

Home Possible ® Income and Property Eligibility Tool Chapter 4501: Home Possible Mortgages Frequently Asked Questions The information on this page is not part of, and is not a replacement or substitute for, the requirements found in the Freddie Mac Single-Family Seller/Servicer Guide and your other Purchase Documents.

Flexible Sources of Down Payments Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity. Qualifying income is limited to 80% of area median income (AMI). There are no geographic limits on loan amounts.

Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties or submit to Loan Product Advisor ® to determine Home Possible income eligibility. Low down payment with a maximum of 97% LTV, 105% TLTV with Affordable Seconds ® , and 97% HTLTV for 1-unit properties.

Mortgage insurance (MI) on 1-unit properties can be cancelled after 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%. Certain credit fees are capped for eligible mortgages.

For more information, refer to Exhibit 19, Credit Fees and Exhibit 19A, Credit Fee Cap Eligibility Criteria . Property Type/Eligible Properties 1-4 units, condos, co-ops and planned-unit developments; manufactured homes are eligible with certain restrictions. Tutorial: Home Possible ® Income Eligibility Learn more about income eligibility requirements in determining area median income limits for Home Possible mortgages.

Tutorial: Grow Your Business with Home Possible Tutorial: Grow Your Business with Home Possible ® Learn how Home Possible can help your low-income borrowers with credit flexibilities, low down payments and options for sources of funds. Webinar: Low Down Payment Solutions: Home Possible ® and HomeOne ® ​ Get a deep dive into Home Possible ® and HomeOne ® .

These low-down payment offerings will help your clients realize their dream of homeownership. We will explore the benefits and differences between these programs.