Freddie Mac Home Possible Mortgage Broker New York, NY
Based in New York City for Over 10 years, BFR is an expert in Freddie Mac Home Possible
What Is a Freddie Mac Home Possible Mortgage?
Looking for a potential alternative to an FHA loan? Freddie Mac has recently introduced a new product, Home
Possible, that extends financing for low down payments for low-to moderate-income homebuyers. Home Possible
also helps buyers in underserved or high-cost areas
Maximum Loan To Value (and Combined Loan to Value) of 95%
Property Eligibility: 1-4 units, condos and planned-unit developments; manufactured homes are
eligible with certain restrictions. Please see the following site to see if your property is eligible for a
Home Possible Loan: https://sf.freddiemac.com/working-with-us/affordable-lending/home-possible-eligibility-map.
Some of the benefits of the Homepossibe program include:
- Flexible Down Payment Options: Downpayments can come from many different sources,
including employer-assistance programs, family gifts, and secondary financing.
- Product Flexibility: 15 and 30 year Fixed Rate Mortgages (FRMs), 5 year, 7 year, and 10
year Adjustable Rate Mortgage (ARMs).
- Mortgage Insurance: Private Mortgage insurance (PMI) can be cancelled after loan
balance drops below 80 percent of the home’s appraised value. Please note that requirements for removing
PMI can be stricter for multi-family homes.
- Refinancing: Rate/Term refinancing is an option available to those who occupy the
property as their primary residence.
- Credit Score Flexibility: Borrowers with no credit scores may be eligible for mortgages
with down payments as low as five percent. Please check with your Mortgage Loan Originator to see if this
applies to your scenario.
- Income Flexibility: There are no income limits in underserved areas. Also, those
borrowers with incomes above the average median income may be eligible for financing in high-cost areas.
Please consult with a BFR mortgage loan originator to see if you qualify.