Home Possible is a Freddie Mac community lending program and it is designed to meet the needs of low and moderate income borrowers by providing financing up to 95% loan-to-value. 5% minimum down payment; no minimum contribution is required from the borrower. Down payment can be a gift.
Minimum Credit Score and Maximum Loan-To-Value
Freddie Mac require a minimum credit score of 620.
Source of Down payment
Funds for the borrower’s down payment and/or funds for closing costs and/or prepaids may be obtained from the following:
Home Buyer Education
Prior to closing a minimum of one borrower must complete an approved home buyer education program if all borrowers are first time home buyers.
Seller Contributions
Interested party contributions, as a percentage of the sales price or appraised value, whichever is less, are limited to the following values
Maximum seller contributions:
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Home Possible® Program
Requirements
Fannie Mae
Requires a minimum credit score of 620 to buy a home
Freddie Mac
Requires a minimum credit score of 620 to buy a home
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888-958-4228