Home Possible Mortgage Program
At MortgageDepot, we understand the importance of finding the right financing for your home purchase. We also understand how difficult it is to find the right company to help you secure your financing. Our team of mortgage professionals are ready to place you in one of our network of programs using our extensive list of mortgage lenders.
One of the programs we offer is the New Home Possible Mortgage Program. This Fannie Mae backed program helps individuals and their families secure a new home purchase with flexible credit terms and low down payment requirements. Here are some of the important highlights of the program:
- The program offers 95% financing on 1-4 unit properties, puds and condos.
- Owner-occupied primary residences qualify.
- The Home Possible Program offers significantly reduced mortgage insurance requirements.
- Eligible terms include 30 year, 20 year and 15-year fixed-rate mortgages.
- First-time homebuyers, move-up borrowers and low to moderate income borrowers are eligible for the program.
- The program determines income limits based on the property’s location.
- Borrowers cannot have any interests in any other residential properties.
- Eligible properties include 1-4 unit primary residences and manufactured homes.
Source of Funds
- There is no minimum contribution from a borrower’s own personal funds on a one-unit primary residence.
- There are no cash reserve requirements on one-unit properties. Two-unit properties require two months cash reserves.
- Gift funds do not require repayment.
- Employer-assisted homeownership benefits are eligible.
- Rental income is eligible from boarder homes on one-unit residential primary residences.
The Home Possible Mortgage Program works perfectly if you have very few funds for a substantial down payment. The program’s flexibility allows you to pay as little as three to five percent down, and the program also offers a no-limit income if the property you wish to purchase is in a low-to-moderate income area. Fannie Mae also provides you with a free online tutorial offering education about the home buying process if you are a first-time homebuyer. If you are a past homeowner who wishes to re-enter the market or a millennial looking to make your first home purchase, this program is ideal for you.
Other highlights of the loan program include adjustable rate 5/1, 7/1 and 10/1 mortgages. The refinance option for the Home Possible Mortgage Program is a no cash-out, rate/term refinance on owner-occupied residences. We also offer simple tools provided by Fannie Mae to simplify the income and property eligibility application.
At MortgageDepot, we take pride in our ability to match our customers with the perfect mortgage product. We have a vast array of mortgage programs and a network of lenders ready to provide you with an affordable loan with easy repayment terms. Contact us today and talk directly with one of our team of mortgage experts.