Home Possible®
Help more qualified borrowers overcome a leading barrier to homeownership with Home Possible®, a low down payment mortgage solution. Grow opportunities with:
- A 3% down payment with flexible sources of funding
- Robust features designed for the changing needs of today’s borrowers
- Housing options from single-family homes, manufactured housing, energy-efficient properties and renovations to the ever-growing condominium market
- Credit Fee Caps and additional savings for qualified borrowers
- Underwriting confidence with Loan Product Advisor ® (LPA®)
Explore how Freddie Mac’s Home Possible® has helped over one million families achieve homeownership through low down payment solutions. Learn about the impact, stories and ongoing support that continue to open doors for borrowers nationwide. Read the executive insight and watch how Bell Bank Mortgage is making home possible.
Disclaimer
The information on this page is not part of, and is not a replacement or substitute for, the requirements found in the Freddie Mac Single-Family Seller/Servicer Guide and your other Purchase Documents.
Home Possible Mortgage Features
- Flexible Sources of Down Payments
Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity.
- Income Limits
Qualifying income is limited to 80% of Area Median Income (AMI), effective July 28, 2019. There are no geographic limits on loan amounts. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties or submit to Loan Product Advisor® to determine Home Possible income eligibility.
- Maximum LTV Ratios
Low down payment with a maximum of 97% LTV, 105% TLTV with Affordable Seconds®, and 97% HTLTV for 1-unit properties.
- Mortgage Insurance
Mortgage insurance (MI) on 1-unit properties can be cancelled after loan balance drops below 80% of the home's appraised value and cancellation criteria are met. MI coverage requirements are reduced for LTV ratios above 90%.
- Pricing
Certain credit fees are capped for eligible mortgages. For more information, refer to Exhibit 19, Credit Fees and Exhibit 19A, Credit Fee Cap Eligibility Criteria.
- Property Type/Eligible Properties
1-4 units, condos, co-ops and planned-unit developments; manufactured homes are eligible with certain restrictions.