Your Guide to the Home Possible® Mortgage
5 Things You Should Know About the Freddie Mac Home Possible® Mortgage
- Home Possible® responsibly offers qualified very low- to low-income borrowers a low, 3% down payment financing option.
- Borrowers can have additional financed properties.
- Non-occupant co-borrowers may help borrowers qualify for a 1-unit property.
- Many types of down payment sources are acceptable with Home Possible®, including family, employer-assistance programs, secondary financing, and sweat equity.
- At 20 percent equity, borrowers may cancel mortgage insurance -reducing monthly mortgage payments and potentially saving money over the life of the loan.