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Program: Freddie Mac Home Possible

Detail Verified 9/2/2020 - Last Updated 6/11/2020

Program Overview

The enhanced Home Possible mortgage helps more low- and moderate-income borrowers overcome the most common obstacle to achieving the dream of homeownership – securing funds for a down payment. It continues to offer a low (3 percent) down payment option with maximum 97 percent loan-to-value (LTV) and total LTV (TLTV) ratio flexibilities. Additionally, borrowers now have the option to use sweat equity for the entire amount of their down payment and closing costs.


This program is available nationwide.

Who is Eligible for this Program?

This program is available to all buyers whose incomes are at or below 80% 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. Co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers are permitted to have another financed property, and more –all with competitive pricing and the ease of a conventional mortgage.

Income level must be at 80% AMI or lower.

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

HUD Median Income Limits: 80%

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: $484,350. 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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