At MortgageDepot, we understand that home buyers come from all walks of life. Our job is to match our clients with a mortgage product that helps them reach their ownership goals and contributes to their financial stability. We are well-versed in all home loan options available in Pennsylvania, including the Home Possible program.
Freddie Mac’s Home Possible program is designed for buyers who have limited funds to put toward a down payment. If on-hand cash is a concern, MortageDepot will help you determine if you qualify for the program.
Home Possible Program Features
The Home Possible program is a smart solution for low-to-middle income buyers who can manage monthly mortgage payments but are having difficulty securing the funds needed to initiate a home purchase. Here are some of the features that make this program unique:
First-time buyers and previous buyers can participate in the program.
This program offers a low down payment of between 3 and 5 percent.
Single-unit properties don’t require a cash reserve.
This program allows buyers to use several down payment sources, including personal finances, gift funds, secondary financing, employer-assisted benefits and sweat equity.
Buyers without a credit score can still participate in the program if the loan-to-value ratio is not over 95%.
Home Possible Eligibility Requirements
In general, a buyer’s income must not exceed 100% of the area mean income (AMI). In some areas, the income limit might be 80% of the AMI. In low-income tracts, there are no income limits.
Single-family homes, multi-family homes with up to four units and manufactured homes are eligible for the Home Possible program.
Buyers cannot have an ownership interest in another property to participate in the program. Move-up buyers will need to sell their current home before taking on a Home Possible mortgage.
Contact MortgageDepot Today!
If you think you might be eligible for the Home Possible program, let MortgageDepot help! We are experts in all mortgage products offered in Pennsylvania. Contact MortgageDepot today to learn how the Home Possible program can help you realize your home ownership dreams!