Freddie Mac Home Possible 5% Down

27 Mar Freddie Mac Home Possible 5% Down

Posted at 06:32h in Type Of Loans by

Home Possible® mortgages offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities.

  • LTV: Maximum LTV and TLTV of 95 percent.
  • Property Options: 1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions.
  • Flexible Sources of Down Payments:Down Payment can come from a variety of sources, including family, employer-assistance programs and secondary financing.
  • Cancellable Mortgage Insurance: Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home’s appraised value.
  • Mortgage Flexibility: 15- to 30-year fixed-rate mortgages, 5/1, 5/5, 7/1 and 10/1 ARMs.
  • Refinance Options: No cash-out refinancing option is available for borrowers who occupy the property.
  • Income Flexibility: Borrowers with incomes above AMI may be eligible in high-cost areas. No income limits in underserved areas. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties.

 

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Additional Reading: https://drive.google.com/file/d/0B3EyTinY-z3lUHJsc3lscllzd3kzdzlTRHRQeWNGcWY0ZnZz/view?usp=sharing