2008 promises continued success for Home Possible® Mortgages

Embracing today's first-time homebuyers requires mortgage business strategies that are flexible, competitive, and responsive to the unique needs of the marketplace. As you plan for the 2008 mortgage origination market, Freddie Mac can help you realize new possibilities to bring affordable homeownership to more of your customers with Home Possible Mortgages.

A quick recap of Home Possible Mortgages' special affordability features

Take advantage of Home Possible Mortgages' special affordable lending flexibilities to open more doors for first-time homebuyers and low- and moderate-income borrowers. These include:

Zero or low down payment options
Stable monthly mortgage payments with a 30- or 40-year fixed-rate mortgage
Reduced mortgage insurance coverage levels
Flexible closing cost funding options
No cash-out refinancing

Remember, you can also extend the advantages of Home Possible Mortgages to law enforcement officers, firefighters, teachers, health care workers, or members of the U.S. Armed Forces to help them purchase a home in the neighborhood they support.

Many lenders achieved great success with Home Possible Mortgages in 2007, reaching a growing number of borrowers who otherwise might have been reluctant to enter the current housing market. Dan McKenney, President of Merrimack Mortgage Company offers a strong testimonial of the value that Freddie Mac has added to their affordable lending efforts in today's market environment.

"The long-term partnership we've had with Freddie Mac has been a very strong one…. This has been a difficult year in our business… and with the benefits and the enhancements Freddie Mac has made in their Home Possible program, it has enabled us to increase our wholesale business and our retail business."

Many lenders who have substantially increased their mortgage originations over the past year with Home Possible Mortgages echo this sentiment. Read how Synovus Mortgage Corporation has expanded its affordable lending opportunities with Home Possible Mortgages in our November Single-Family News.

For more information about Home Possible Mortgages

Review Chapter A34 and Section 17.13.1 of the Freddie Mac Single-Family Seller/Servicer Guide.
Visit our online Home Possible resource center.
Visit The Learning Center for easy-to-print resources and training opportunities for Home Possible Mortgages.
Contact your Freddie Mac Account Manager or (800) FREDDIE.

Plus, make sure to check out English and Spanish marketing materials you can download and customize to promote Home Possible Mortgages products.