Home Possible® Mortgages
- Offers flexible credit terms and low down payments of 3-5 percent – ideal for first-time homebuyers, millennials and past homeowners who are returning to the market.
- Allows flexible sources of funds for down payments and eligible incomes up to 100 percent of the area median, higher if purchasing a home in a high-cost area.
- No income limit if the home is located in a low- to moderate-income or underserved community.
- Features a FREE online tutorial to meet the education requirement for first-time homebuyers.
Which Home Possible Mortgage is Right For Your Borrower?
- 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.
- Mortgage Flexibility: 15- to 30-year fixed-rate mortgages, 5/1, 7/1 and 10/1 ARMs.
- Refinance Options: No cash-out refinancing option is available for borrowers who occupy the property.
Home Possible Advantage:
- LTV: Maximum LTV of 97 percent; TLTV 105 percent.
- Property Options: 1-unit properties, condos and planned unit developments; manufactured homes are not eligible.
- Stable Mortgages: Fixed-rate mortgages with a term of up to 30 years.
- Refinance Flexibility: Purchase and no cash-out refinancing options available.
- Primary Residence Only: All borrowers must occupy the property as their primary residence.
Information for lenders
Freddie Mac Home Possible mortgages are designed to grow your business and attract low- and moderate-income borrowers, first-time homebuyers, and underserved communities. Use the resources below and discover why a Home Possible mortgage may best fit for your borrowers' needs.
- Get the facts about Home Possible and Home Possible Advantage:
Home Possible Advantage:
A Smart Choice
need to know about
Home Possible mortgages
Freddie Mac’s 97%
Home Possible Advantage?
Why Home Possible
Advantage may be right
for your borrowers
Other Things You Need to Know:
- Affordable Income & Property Eligibility tool – Use this quick lookup tool to see if your borrower meets the income requirements for a Home Possible mortgage, or if the home they're interested in is located in an underserved area.
- 2016 Loan Limits – See if your loan meets Freddie Mac loan limit requirements.
- Down Payment Assistance – Help your borrower find down payment programs in your area.
- Training Opportunities – Take a deep dive and learn how to originate Home Possible mortgages.
Reach out to real estate professionals, housing counselors and mortgage brokers
Spread the word about Home Possible among your real estate professional, housing counselor and mortgage broker network using the following resources:
- Freddie Mac Real Estate Professionals Resource Center – Send real estate professionals to this comprehensive resource website.
- Freddie Mac Housing Counselors Resource Center – Direct the housing counselors in your network to Freddie Mac's website dedicated to serving their needs.
- Down Payment Assistance – Point your partners to DownPaymentResource.com to help them help their clients find down payment funds.
- Networking and Training Opportunities – Build your network of housing counselors and real estate professionals at these events.
- Mortgage Broker Resources – Refer to Lender Resources for more information.
Outreach to potential borrowers
Let potential borrowers know how you can help them achieve their dream of homeownership with these FREE resources:
- CreditSmart® – Steps to Homeownership: Did your borrower qualify for a Home Possible mortgage? This FREE online tutorial by Freddie Mac will allow first-time homebuyers to fulfill their homeownership education requirement.
- Down Payment Assistance: Help your mortgage-ready borrower find down payment and closing cost assistance through DownPaymentResource.com.
Your Step-by-Step Mortgage Guide: From Application to Closing: Help homebuyers navigate the mortgage process so that they take the right steps to purchase their home. Add your contact information and logo to the front and back covers.
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- Does your potential borrower need homeownership information and counseling? Direct them to:
Affordable Income & Property Eligibility Tool
Find out if your borrowers are eligible for a Home Possible mortgage with the Affordable Income & Property Eligibility tool.