Freddie Mac Home Possible® Loans

Home Possible is Freddie Mac’s community lending program offering additional flexibility and options to meet a
variety of borrowers’ home financing needs.

Loans funded

Loan Amounts

Loan Amounts $75,000 and may go up to:

$765,600 (1-unit)

$980,325 (2-unit)

$1,000,000 (3-unit)

$1,000,000 (4-unit)

Click here to see your max county limit

Reliable

Credit Scores

Minimum credit score 620. If there is more than one borrower, we will use the lowest middle score among all borrowers.

Home

Property Types

Single Family Home

Condominium

2-4 Unit Properties

Why Freddie Mac Home Possible?

 

This program aims to help meet the diverse needs of today’s buyers. It is designed for creditworthy, low to moderate income borrowers, with expanded eligibility in designated low-income communities.

If your income fits the income eligibility in the area you wish to buy or refinance (primary residence only), you can possibly use this program for financing. It could possibly offer discounted interest rate pricing if that is the case. Searching for the address of the property you wish to purchase, you will be given the maximum amount of income you can make to achieve this program.

This program offers 30 Year, 20 Year, 15 Year and 10-year Fixed rate programs as well as 5/1, 7/1 and 10/1 ARM.

 

Tips

It can be difficult to use this program. We often see that income levels exceed what is allowed for the area a client wishes to buy. This program doesn’t always “work” in that sense, but if you can locate a property and you are at or below that income level stated, you can attempt to obtain this product.

Home Purchase

 

Down Payments

Minimum Down Payments are the following:

 

Fixed Rates

Loan Size up to $510,400:

  • 1-Unit, maximum 97% loan to value, 620 credit score
  • 2-4 Units, maximum 95% loan to value, 620 credit score

Loan Size $510,401 up to $765,600 (depends on county)

  • 1-Unit, maximum 95% loan to value, 620 credit score
  • 2-Unit, maximum 85% loan to value, 620 credit score
  • 3-4 Units, maximum 80% loan to value, 620 credit score

 

ARM Rates

Loan Size up to $510,400:

  • 1-Unit, maximum 95% loan to value, 620 credit score
  • 2-Unit, maximum 95% loan to value, 620 credit score
  • 3-4 Units, maximum 75% loan to value, 620 credit score

Loan Size $510,401 up to $765,600 (depends on county)

  • 1-Unit, maximum 95% loan to value, 620 credit score
  • 2-Unit, maximum 85% loan to value, 620 credit score
  • 3-4 Units, maximum 75% loan to value, 620 credit score

 

Mortgage Insurance

Mortgage Insurance will be required on any loan over 80% loan to value.

 

Qualifications

Debt-to-Income ratios can go up to 50%.  This will depend on your loan scenario specifically.

Borrower income level cannot be higher than the stated limit in the Home Possible lookup tool, which you look up by property address (that you wish to purchase/refinance).

For purchase transactions at least one borrower must complete the Framework Homeownership Education course.

Refinance Your Home

 

Loan to Value

Primary Residence Refinances have the following limitations:

 

Fixed Rates

Loan Size up to $510,400:

  • 1-Unit, maximum 97% loan to value, 620 credit score
  • 2-4 Units, maximum 95% loan to value, 620 credit score

Loan Size $510,401 up to $765,600 (depends on county)

  • 1-Unit, maximum 95% loan to value, 620 credit score
  • 2-Unit, maximum 85% loan to value, 620 credit score
  • 3-4 Units, maximum 80% loan to value, 620 credit score

 

ARM Rates

Loan Size up to $510,400:

  • 1-Unit, maximum 95% loan to value, 620 credit score
  • 2-Unit, maximum 95% loan to value, 620 credit score
  • 3-4 Units, maximum 75% loan to value, 620 credit score

Loan Size $510,401 up to $765,600 (depends on county)

  • 1-Unit, maximum 95% loan to value, 620 credit score
  • 2-Unit, maximum 85% loan to value, 620 credit score
  • 3-4 Units, maximum 75% loan to value, 620 credit score

 

Mortgage Insurance

Mortgage Insurance will be required on any loan over 80% loan to value.

 

Qualifications

Debt-to-Income ratios can go up to 50%.  This will depend on your loan scenario specifically.

Borrower income level cannot be higher than the stated limit in the Home Possible lookup tool, which you look up by property address (that you wish to purchase/refinance).

For purchase transactions at least one borrower must complete the Framework Homeownership Education course.