Buying a home can be challenging, especially when saving for a down payment or navigating loan requirements. Freddie Mac Home Possible® is a conventional mortgage program designed to help low- to moderate-income buyers achieve homeownership with flexible guidelines and reduced upfront costs.
What Is Freddie Mac Home Possible®?
Freddie Mac Home Possible® is a conventional loan program that offers low down payment options, flexible credit requirements, and discounted fees. It is available to both first-time and repeat homebuyers who meet income eligibility requirements.
Program Highlights
This program includes features that help more buyers qualify:
- Low down payment options (up to 97% financing)
- Minimum credit score of 620
- Debt-to-income ratios up to 50%
- Income limits up to 80% of the Area Median Income (AMI)
- Loan amounts up to $832,750
- Eligible for 1–4 unit properties, condos, and PUDs
- Manufactured homes are allowed with restrictions
- Homebuyer education required for first-time buyers
Why Buyers Choose Home Possible®
Home Possible® offers benefits that make it an attractive alternative to other low-down-payment loan programs:
- Cancelable mortgage insurance
- Temporary rate buydown options
- Certain credit fees are capped, helping reduce upfront costs
Is Home Possible® Right for You?
This program may be a good fit for buyers who have stable income, limited savings for a down payment, and are looking for a conventional loan with flexible qualification guidelines.
Grab the Home Possible® Overview for Your Clients!
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