SteveKnowsLoans is here to help you locate the mortgage that best fits your needs. We’re aware of how challenging it can be to look for a financial services provider. Professional mortgage lenders are standing by to enroll you in one of our many available programs. Learn more about our Home Possible Mortgage Program.
We have a mortgage program called New Home Possible that may be of interest to you. This Freddie Mac-supported initiative makes it easier for individuals and families to buy a new home by allowing for more lenient credit terms and smaller down payments. Some of the more notable aspects of the program are as follows:
Form of exchange
- Condominiums and PUDs with four units or fewer can get 95% financing under this program.
- Homes in which the owners live permanently are eligible.
- Mortgage insurance premiums can be drastically cut with the help of the Home Possible Program.
- Fixed-rate mortgages with maturities of 30, 20, and 15 years are all fair game.
Participation Criteria
- The program is open to first-time homeowners, those looking to upgrade their current home, and those with low to moderate incomes.
- Location is taken into account when the program sets income caps.
- In order to qualify for a mortgage, borrowers can’t own any other homes.
- Primary dwellings with four or fewer units and mobile homes qualify.
Money Origination
- For a single-family principal house, there is no minimum required down payment.
- Single-family homes do not need a cash reserve. Two months’ worth of expenses should be set aside for two-unit properties.
- Gift money doesn’t need to be paid back.
- Inclusion of employer-provided homeownership assistance programs.
- Boarding house rentals on single-family dwellings are considered rental revenue.
If you don’t have enough money for a sizable down payment, you should definitely look into the Home Possible Mortgage Program. You can put as little as 3-5 percent down on a home through this program, and your income is not capped if you plan to live in a low- or moderate-income neighborhood. If you are a first-time buyer, you may take advantage of Freddie Mac’s free online course that explains the home-buying process in detail. This program is great for both current homeowners and those who have never owned a property before, such as millennials.
The financing program also features adjustable-rate mortgages for 5, 7, and 10 years. The Home Possible Mortgage Program allows homeowners to refinance their mortgage without taking out any cash and with new terms and rates. Freddie Mac’s easy-to-use eligibility tools are also available to our customers.
We at SteveKnowsLoans are confident in our ability to find the best mortgage solution for each individual client. You can choose from several different mortgage options available through our extensive network of lenders. Get in touch with a member of our mortgage team today. Contact us!
Call Steven Jackson at 813-616-9411 now!
