Freddie Mac introduces the Alternative to FHA; The Home Possible and the Home Possible Advantage. These programs are a great option for borrowers looking at purchase with a low down payment or refinance with limited equity. Home Possible allows up to a 95% LTV while the Home Possible Advantage is available up to 97% LTV (Loan to Value).
Each program is designed to offer borrowers a minimum down payment with reduced mortgage insurance premiums, thus making is a great alternative to FHA. Unlike other conventional options purchases are not limited to first time home buyers and those looking to refinance may do so regardless of their current mortgage holder. Home Possible also offers more flexibility regarding income limits. For counties located in underserved areas, no income limits apply. With competitive pricing and reduced mortgage insurance the Home Possible Programs are worth considering when borrowers are looking for additional financing options. For more information, please reach out to us today.
- First-time home buyers, move-up borrowers, and retirees
- Refinances up to 97% LTV, regardless of current mortgage program
- No income limits for undeserved areas
- No reserves required for 1-unit properties
- Gift funds eligible for entire down payment
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