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Program: Freddie Mac Home Possible Advantage

Detail Verified 12/28/2018 - Last Updated 2/15/2018

Program Overview

A program that offers purchase and refinance loans with low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities.

Who is Eligible for this Program?

This program is available to all buyers whose incomes are at or below 100% of the Area Median Income (AMI) and who do not own any other property. There is no income limit for those in rural or underserved areas. Buyers with an income above 100% AMI may be eligible in high-cost areas.

Funds can be used to purchase or refinance a home.

HUD Median Income Limits: 100%

Is this program for first time buyers only?: Yes

Property Eligibility Requirements

Allowable property types: Properties eligible for the Home Possible Advantage loan include 1-unit properties, condos, and planned unit developments. Manufactured homes are not eligible.

Benefit Details

This program conforms to the Federal Housing Finance Agency's loan limits. The current loan limit for Clackamas, Multnomah, and Washington Counties is: $453,100 The program also offers up to 30-year fixed rate mortgages. Mortgage insurance is required, but cancellable after certain requirements are met.

The maximum loan-to-value for one-unit homes is 97% and a 3% minimum down payment is required. The source of the down payment is flexible and can come from a variety of sources, including family, employer-assistance programs and secondary financing.

Maximum total loan-to-value (TLTV) is 105% when combined with secondary financing such as Affordable Second mortgage, like a state or local down payment assistance program.


Loan Term: 30 years

Homebuyer Counseling / Education Required: Yes

Owner Occupancy Required: Yes

Other Program Comments: Homebuyer education is required or first time homebuyers and those using Noncredit Payment References

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