Freddie Mac Home Possible
FICO per AUS
Up to 97% CLTV
Freddie Mac Home Possible is a mortgage program designed to help low- and moderate-income buyers achieve homeownership. It offers low down payment financing with discounted fees and flexible loan options, making it easier to qualify for a mortgage.
Program features- Loan amounts up to $832,750
- DTI as per AUS
- Up to 80% of the AMI
- Homebuyer education is required for first-time buyers
- 1-4 units, condos, and PUDs; manufactured homes with restrictions
- Temporary rate buydowns available
- Cancelable MI
- Certain credit fees are capped
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Program details
Loan amounts up to $832,750
DTI per AUS
Cancelable MI
Minimum down payment 3%
LTV up to 97%
Primary residence only
Limited cash-out is allowed
Qualifying income is limited to 80% of Area Median Income
Reserves per AUS
Family, employer-assisstance programs, secondary financing, and sweat equity are available for downpayment sources
MI coverage requirements are reduced for LTV ratios above 90%
1-4 units, condos, and PUDs; manufactured homes are eligible with certain restrictions
Various fixed terms
Eligible citizenship: US citizens, Permanent Residents, Non-permanent Residents
Eligible borrowers: Individuals
Fast turnaround times
As fast as
24 hr
Disclosure
As fast as
24 hr
Underwriting
As fast as
48 hr