Freddie Mac Home Possible

What is Freddie Mac Home Possible?

Freddie Mac Home Possible is a mortgage program designed to make homeownership more accessible, offering low down payment options and flexible credit terms for qualified borrowers. This initiative aims to support individuals in purchasing their first home or achieving homeownership with affordable financing solutions.

Why Choose Freddie Mac Home Possible?

  1. Low Down Payment: Freddie Mac Home Possible offers low down payment options, making it easier for first-time homebuyers and low to moderate-income borrowers to secure financing for their home purchase.
  2. Flexible Credit Requirements: This program provides more flexible credit terms, allowing borrowers with varying credit histories to qualify for a mortgage under favorable conditions.
  3. Homeownership Assistance: Freddie Mac Home Possible aims to assist individuals in realizing their homeownership dreams by providing accessible and affordable financing solutions tailored to their financial situations.
  4. Supportive Resources: With Freddie Mac Home Possible, borrowers can access educational resources and support to help them navigate the homebuying process effectively and make informed decisions.

Advantages of Freddie Mac Home Possible

  1. Affordable Financing: This program offers affordable financing options, enabling more individuals to purchase homes without significant financial burdens.
  2. Path to Homeownership: Freddie Mac Home Possible provides a viable path to homeownership for first-time buyers and individuals with limited financial resources, empowering them to achieve their housing goals.
  3. Community Impact: By facilitating access to homeownership, Freddie Mac Home Possible contributes to building stronger, more inclusive communities and promoting sustainable housing opportunities for all.

Home Possible Mortgage Program Details

  1. Minimum FICO Score: 620
  2. Up to 97% Combined Loan-to-Value (CLTV)
  3. Loan amounts up to $766,550
  4. Debt-to-Income Ratio (DTI) up to 45%
  5. Up to 80% of the Area Median Income (AMI)
  6. Homebuyer education required for first-time buyers
  7. Available for 1-4 units, condos, co-ops, and planned-unit developments; manufactured homes with restrictions
  8. Temporary rate buydowns available
  9. Cancelable Mortgage Insurance
  10. Certain credit fees are capped

Begin Your Homebuying Journey with Freddie Mac Home Possible

Embark on your journey towards homeownership with Freddie Mac Home Possible, a program that offers accessible financing solutions and support to help you achieve your dream of owning a home. Contact our team at Prime Home Loans, Inc. to explore the opportunities available through Freddie Mac Home Possible and take the first step towards securing your future in a place you can call your own.

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  • No obligations
  • No impact on credit score
  • Fast and easy process
  • No documents required