HomePossible mortgage information with 97% maximum LTV, minimum FICO score of 620, applies to single family, condo, TWN, multi-family, and manufactured properties. Requires primary occupancy and loan terms of 8-30 years in 1-year increments. Income should be less than 80% of area median income.

Unlocking the Benefits of HomePossible

Key Loan Details

  • NO First Time Homebuyer Requirement: Unlike Fannie Mae’s program, Home Possible by Freddie Mac does not have a first time buyer requirement.

  • Required Education: HomePossible ONLY requires First Time Buyer education when all borrowers are first time home buyers. If at least one borrower has owned a home the Home Buyer Education requirement is waived.

  • Pricing Adjustment Waivers: Freddie Mac waives many pricing adjustments for first time home buyers, that means you get a better rate if you qualify.

  • Funding Sources: Down payments and closing costs can be covered through gifts, grants, or Community Seconds®, with no minimum personal contribution required.

  • Rental Income: Includes potential rental income from a boarder or an accessory dwelling unit (ADU) in qualifying income calculations, broadening eligibility.

  • Mortgage Insurance: Reduced coverage requirement for loans above 90% LTV.

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