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 Cap Fees and additional savings for qualified borrowers
- Underwriting confidence with Loan Product Advisor ® (LPA®)
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.