The Freddie Mac -Home Possible Mortgage
The Freddie Mac Home Possible® mortgage now offers many more options and credit flexibility than it ever has before to help the very low to moderate-income borrowers attain their dream of home ownership.
In addition to the down payment option of as little as three percent, Home Possible now offers more options to enable home ownership for more borrowers. Do-it-yourself fixer uppers can apply sweat equity to assist them in meeting their closing costs and down payment, co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers can even own one additional financed property, and more – all with very competitive pricing and the ease of a conventional mortgage.
Home Possible Mortgage Benefits
- Realize the milestone of homeownership: without the barrier of gathering a 20 percent down payment.
- Apply sweat equity: for up to the entire amount of the down payment and closing costs.
- Non-occupying co-borrowers can contribute: to borrower funds on one-unit properties.
- Cancel mortgage insurance: upon reaching 20 percent equity, reducing the monthly mortgage payment and potentially saving thousands over the life of the loan.
- Enable empowered decisions: and life-long responsible homeownership with required financial literacy education, which can be fulfilled by Freddie Mac’s online, free CreditSmart® tutorials.
Please discuss programs and rates with me.
Home Possible Mortgage Features
Freddie Mac Home Ready Mortgage Resources
- CreditSmart® – Steps to Homeownership: Do you qualify for a Home Possible mortgage? This FREE online tutorial by Freddie Mac will help first-time homebuyers to fulfill their homeownership education requirement.
- Down Payment Assistance: Reach out to CambridgeHomeLoan.com for a list of downpayment assistance resources.