Overview

Purchasing a home is a pivotal moment in one’s life, and a Freddie Mac Home Possible® mortgage can help borrowers in high-needs rural areas realize that dream of homeownership. Finding financing is only part of the journey, though. We understand the challenges that credit-worthy borrowers may face to come up with ample funds to cover the down payment.

We’ve put the ability to determine whether down payment assistance is available for your borrowers right at your fingertips. In addition to verifying whether your loans can be originated as Home Possible mortgages, Freddie Mac’s Home Possible Income and Property Eligibility Tool can provide you with access to information about down payment assistance programs potentially available to your borrowers. By clicking on the link for down payment assistance, you will be directed to the Down Payment Resource® website. Answer a few additional questions, and you may be able to provide valuable assistance to your borrowers, truly making Home Possible!

Home Possible Eligibility:

  • Effective July 28, 2019 Freddie Mac is updating the income limits for the Home Possible mortgage to state that the borrower’s qualifying income, converted to an annual basis, must not exceed 80% of the area medium income (AMI) for the location of the mortgaged premises. This change will apply to all Home Possible mortgages, including those secured by properties in low-income census tracts.  
  • Loan Product Advisor℠ and the Home Possible Property Income and Eligibility Tool automatically evaluate eligibility for Home Possible mortgages against current AMI limits, based on property address.

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