At Heartland Mortgage, we're excited to introduce the Freddie Mac Home Possible® mortgage, designed to offer a range of options and credit flexibilities for your very low-to low-income borrowers, making the dream of homeownership more attainable.
What is a Home Possible Loan?
With a minimal down payment requirement of just 3%, Home Possible goes even further by providing additional options to responsibly increase homeownership opportunities. Now, co-borrowers who don't reside in the home can be included for a borrower's one-unit residence, borrowers are allowed to have another financed property, and more – all with competitive pricing and the convenience of a conventional mortgage.
At Heartland Mortgage, we are committed to helping you offer affordable solutions to a broader range of creditworthy borrowers. By doing so, we aim to not only enhance your business but also contribute to the betterment of our communities. Together, let's make homeownership dreams a reality.
Who is Home Possible Loan for?
- Borrowers desiring a low down payment solution with flexible sources of funds.
- Very low-to low-income borrowers.
- First-time homebuyers, move-up borrowers and retirees.
What are the benefits of a Home Possible Loan?
The Home Possible® loan offers benefits such as a low down payment requirement (as little as 3%), flexible credit options, the ability to include non-resident co-borrowers, financing for multiple properties, competitive pricing, and a focus on expanding homeownership opportunities. This program is designed to make homeownership more accessible, particularly for low-to-moderate-income individuals.
Why should you get a Home Possible Loan?
Getting a Home Possible® loan is advantageous for several reasons. With a low down payment requirement, flexible credit options, and the ability to include non-resident co-borrowers, this program aims to make homeownership more accessible. Additionally, the financing for multiple properties and competitive pricing further enhance the appeal of Home Possible® loans, making them a compelling choice for those seeking an affordable path to homeownership.
Key Product Features
- Low down payment option, up to 97% loan-to-value (LTV); 105% total LTV (TLTV) with Affordable Seconds®
- Purchase and no cash-out refinancing
- Owner-occupied primary residences
- Super conforming mortgages (with additional restrictions)
- Fixed- and certain adjustable-rate mortgages (with associated LTV/TLTV/HTLTV requirements)
- Condos, planned unit developments (PUD) and manufactured homes (with additional restrictions)