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Home Possible® Mortgages: A great affordable lending option in today's mortgage market
For the past two years, Home Possible Mortgages have been Freddie Mac's flagship affordable lending product, offering zero or low down payment options at the same prime conforming rates as other Freddie Mac loans. Home Possible offers flexible credit requirements designed to foster homeownership among first-time homebuyers, new immigrant and low- to moderate-income borrowers. In today's uncertain mortgage market, Home Possible Mortgages are playing an even larger role in providing a stable, flexible financing option for many potential homeowners.
Check out the seven ways below that Home Possible will allow you to create vital and stable opportunities for borrowers with limited financial resources, and realize additional possibilities to take your origination efforts to an entirely new level of effectiveness.
Creating opportunities for your borrowers
- Compete in more markets with special flexibility features for military, police, firefighters, law enforcement officials, teachers, and others living in your community.
- Offer no money down with Home Possible 100, lower closing costs with property seller contributions, and lower initial monthly payments with temporary subsidy buydowns.
- Generate additional flexibility for individual borrower needs with reduced MI to 20%, ARM options, no reserves, and closing cost funding options.
- Use a streamlined process at the point-of-sale with Loan Prospector® assessments.
Realizing possibilities for your business
- Build new loan volume through a flexible mortgage product underwritten on the basis of fully amortized rates and borrower documentation
- Leverage competitive secondary execution advantages including servicing released and servicing-retained cash sales, or Guarantor and MultiLender Swap securities executions.
- Maintain profitability with new delivery fee rates that support prudent risk management standards reflective of current market conditions, while preserving vital opportunities for first-time homebuyers, low- and moderate-income borrowers, and borrowers purchasing properties located in eligible Hurricane Katrina/Rita disaster areas.
For more information about Home Possible Mortgages
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