MortgageDepot is one of the first brokers to have preferred Freddie Mac LP Home Possible pricing. Up to a .25% better than Fannie Mae interest rates AND possible credits towards closing costs depending upon borrower income. ALL loan types are eligible (except for high balance) if under the income limit of 134,310 for NYC and Long Island.
- Financing up to 97% LTV for Purchase or Rate/Term refinance
- Client does not need to be a first-time homebuyer
- Current loan does not need to be owned by Freddie Mac
- Best fit for clients with FICO > 680 and LTV > 80%
- Fewer price adjustments & cheaper mortgage insurance
- Down payment can be a gift.
- Simpler student loan requirements CAN USE THE PAYMENT LISTED ON THE CREDIT REPORT!!!!!
Applies to Purchase loans locked 10/10/16 – 12/10/16:
- 1% credit applied when the client’s income ≤ 50% of the Area Median Income by county and state.
- .25% credit applied when the client’s income is > 50% and ≤ 75% of the Area Median Income by county and state.
Home Possible income limits in NYC & LI are $134,310 BUT BY CONSULTING WITH REALTORS IN THE DEFINED UNDER-SERVED ZIP CODES(Census tracts) THERE IS NO INCOME LIMIT AND YOU HAVE AN EDGE!!