First-time homebuyers, move-up borrowers, retirees and previous home buyers that had a foreclosure, bankruptcy or short sale
Families in underserved areas that offer no income limits
Very low and low- to moderate-income borrowers
Stable monthly payments with fixed-rate mortgages
Flexible sources of funds
Reduced mortgage insurance coverage levels for LTV ratios greater than 90 percent. In addition, monthly mortgage insurance will drop out of the payment unlike the FHA home loan program and you can also buy the mortgage insurance out
The minimum down payment of 3 percent allowed for Home Possible Advantage.
Eligibility annual income is up to 100 percent of area median income. There are higher income limits in high-cost areas and no income limit on properties located in any designated underserved area. Higher area median income limits mean broader borrower income eligibility so more borrowers qualify. This link here will define the income limit areas http://www.freddiemac.com/homepossible/eligibility.htmlHomebuyer Education:
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