Home Possible
This is a low down payment mortgage program designed to help low- to moderate-income borrowers achieve homeownership with flexible credit and income requirements.
| Product Features | |
|---|---|
| Flexible Sources of Down Payments | Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity. |
| Income Limits | Qualifying income is limited to 80% of area median income (AMI). There are no geographic limits on loan amounts. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties or submit to Loan Product Advisor® to determine Home Possible income eligibility. |
| Maximum LTV Ratios | Low down payment with a maximum of 97% LTV, 105% TLTV with Affordable Seconds®, and 97% HTLTV for 1-unit properties. |
| Mortgage Insurance | Mortgage insurance (MI) on 1-unit properties can be cancelled after loan balance drops below 80% of the home’s appraised value and cancellation criteria are met. MI coverage requirements are reduced for LTV ratios above 90%. |
| Pricing | Certain credit fees are capped for eligible mortgages. |
| Property Type/Eligible Properties | 1-4 units, condos |
* A First Time Buyer is an individual that has had no ownership interest in a residential property in the last 3 years. If both buyers are First Time Buyers, at least one of them must complete Home Buyer Education