Freddie Mac Home Possible Advantage 3% Down

Freddie Mac Home Possible Advantage 3% Down

  • LTV: Maximum LTV of 97 percent; TLTV 105 percent.
  • Property Options: 1-unit properties, condos and planned unit developments; manufactured homes are not eligible.
  • 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.
  • Stable Mortgages: Fixed-rate mortgages with a term of up to 30 years.
  • Refinance Flexibility: Purchase and no cash-out refinancing options available.
  • 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.
  • Primary Residence Only: All borrowers must occupy the property as their primary residence.

 

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