Freddie Mac Home Possible® is a mortgage program offered by Freddie Mac, a government-sponsored enterprise that provides liquidity, stability, and affordability to the U.S. housing market. The program is designed to help low-to-moderate income borrowers and first-time homebuyers purchase a home with a low down payment and flexible credit requirements.
To be eligible for the Freddie Mac Home Possible® program, borrowers must meet certain income and credit score requirements, and the property being purchased must meet certain occupancy and appraisal requirements. The program offers a down payment option as low as 3%, which can help make homeownership more accessible to borrowers who may not have a large amount of savings for a down payment.
One of the key features of the program is that it allows for the use of non-traditional credit sources, such as rental history or utility bills, to help borrowers meet the credit requirements. The program also offers reduced mortgage insurance coverage for borrowers who have a down payment of less than 20%, which can help lower the overall cost of the loan.
In addition to the standard Home Possible® program, Freddie Mac also offers a Home Possible® Advantage program that offers even more flexible requirements, such as lower income limits and the ability to use gift funds for the down payment.
If you are a low-to-moderate income borrower or a first-time homebuyer looking to purchase a home, the Freddie Mac Home Possible® program may be a good option for you.
Arigato Capital is a specialist in helping low- and moderate-income borrowers take advantage of this attractive homeownership opportunity and will guide you through the entire loan process.
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