HomePossible 3% Down

HomePossible is a Freddie Mac program which is a low down payment mortgage for creditworthy, low to moderate-income borrowers.

The biggest challenge faced by new home buyers is overwhelmingly the down payment. You’re not alone if you’ve ever thought you could never save enough money for a down payment. HomePossible can help!

Borrower Benefits and Program Details

• Borrower is not required to be a first time buyer
• Available for purchase or no cash out refinance
• 3% down for single family homes
• 5% down for 2-4 unit properties
• Primary Residences, 1-4 units, Condos and Planned Unit Developments
• Reduced Mortgage Insurance offered on this program
• Minimum FICO score of 620
• A great alternative to FHA financing (unlike government-insured loans, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%).
• Cash for down payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds, with NO minimum personal funds required
• Innovative underwriting flexibilities expand access to credit responsibly. Flexibilities include rental unit and boarder income.
• Nonoccupant borrowers permitted for single family properties
• Income eligibility limits apply

Why would I take a HomePossible 3% down loan as opposed to a HomeReady 3% down loan?

Both programs have a lot in common but have subtle differences that can make an impact in qualifying for a mortgage. Contact us to determine the best program for you lending needs.