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Program: Freddie Mac Home Possible

Detail Verified 10/10/2018 - Last Updated 2/15/2018

Program Overview

Home Possible® mortgages offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities.

 

This program is available nationwide.

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 and who do not own any other property. A 3% to 5% minimum down payment is required, however, this can come from a variety of sources, including family, employer-assistance programs, and secondary financing.

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.

The program can be used to purchase or refinance a home.

HUD Median Income Limits: 100%

Is this program for first time buyers only?: No

Property Eligibility Requirements

Allowable property types: Properties eligible for Home Possible loans include 1-4 unit primary residences and manufactured homes.

Benefit Details

Benefit: This program conforms to the Federal Housing Finance Agency's (FHFA) loan limits. The current loan limit for Clackamas, Multnomah, and Washington Counties is: $453,100. The program offers 15 to 30 year fixed rate mortgages and adjustable rate mortgages. Mortgage insurance is required, but cancellable after certain requirements are met.

Homebuyer Counseling / Education Required: Yes

Owner Occupancy Required: Yes

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

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