The CambridgeHomeLoan Home Possible® mortgage offers more options and credit flexibilities than ever before to help your very low-to low-income borrowers attain the dream of owning a home.
In addition to its down payment requirement of as little as 3%, Home Possible now offers more options to responsibly increase homeownership for more of your borrowers. Co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers are permitted to have another financed property, and more –all with competitive pricing and the ease of a conventional mortgage.
We’re helping you provide affordable solutions to more creditworthy borrowers so you can enhance your business and your communities at the same time.
Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity.
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.
Please read our FAQ about the updated Home Possible income limits effective July 28, 2019.
Low down payment with a maximum of 97% LTV, 105% TLTV with Affordable Seconds®, and 97% HTLTV for 1-unit properties.
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%.
Credit fees are capped and less than standard fees for all loans over 80% LTV.
1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions.
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