Home Possible Mortgage by Freddie Mac
The primary goal is to make home ownership more affordable for eligible borrowers. This program helps to remove some of the barriers to home ownership and is geared towards individuals and families with lower income who are looking to purchase a primary residence.
For many, one of the main obstacles to home ownership is the misguided belief that a down payment of 20% or more is required to purchase a home. The Home Possible Program from Freddie Mac requires a down payment of only 3% of the purchase price. Many potential homeowners believe that they need to have a down payment equal to 20% of the purchase price. This simply is not true.
Other benefits of the Home Possible Mortgage by Freddie Mac are:
- Not required to be a first-time home buyer.
- Flexibility on the source of the down payment.
- Lower interest rates that a traditional conventional mortgage because of a cap on the credit fees charge by Freddie Mac.
- Co-signors and co-borrowers are allowed.
- All property types allowed (single family, condominiums, multi-unit, and manufactured housing).
Contact us to learn more about this program and how it can help people become