Freddie Mac Home Possible Mortgage

Understanding Fannie Mae

HomeReady Mortgages

 

What are the eligibility requirements for the Freddie Mac Home Possible program?

 

The following are the eligibility requirements for the Freddie Mac Home Possible program:

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• Credit Score: The borrower must have a minimum credit score of 660 to qualify for the program. However, certain lenders may have different requirements, so it is recommended to check with your lender.

• Income Limits: The program is designed to help low to moderate-income borrowers, and the maximum income limit varies by location and household size. To find out the income limits for your area, you can check the Freddie Mac Home Possible Income Tool

• Occupancy Type: The property must be a one-unit primary residence, and the borrower must occupy the property as their primary residence within 60 days of closing.

• Loan-to-Value Ratio: The maximum LTV ratio for a Home Possible mortgage is 97%, meaning the borrower must make a minimum down payment of 3%.

• Property Type: The Home Possible program can be used for a variety of property types, including single-family homes, townhouses, and condominiums.

• Mortgage Insurance: Borrowers who put down less than 20% are required to pay mortgage insurance, but the Home Possible program offers flexible options for meeting this requirement, including reduced premiums and lender-paid options.

• Reserves: The borrower must have a certain amount of funds in reserve, which varies depending on the loan amount and credit score.

• Homeownership Education: The borrower must complete homeownership education to qualify for the Home Possible program. This education covers important topics such as the homebuying process, managing finances, and maintaining homeownership.

• Debt-to-Income Ratio: The borrower's debt-to-income ratio should be no more than 43%, although certain lenders may have different requirements.

• Citizenship Status: The borrower must be a U.S. citizen, permanent resident, or have a valid work permit.

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To learn more about how we can help you benefit from a Fannie Mae HomeReaDY Mortgage in Florida, contact us today by phone at 1-800-407-0747, or through our website by filling out our quick Quote Form or applying directly.

 

How can I apply for a Freddie Mac Home Possible mortgage?

 

To apply for a Freddie Mac Home Possible mortgage, you can follow these steps:

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• Contact Bennett Capital Partners at 1-800-457-9057 or visit our website to fill out our Quick Quote tool. Simply click this link to access the quick quote tool. After receiving a mortgage broker from Bennett Capital Partners will reach out to you. 

• Speak with one of our experienced mortgage brokers to determine if you meet the eligibility requirements for the program.

• Gather the necessary documentation, which may include income verification, employment history, credit score, and other financial information.

• Complete a mortgage application, visit our website to fill out our Online Application. Simply click this link to access the application and begin your journey to homeownership with Bennett Capital Partners.

• After submitting your application, our team will review your information and guide you through the rest of the process.

To streamline the application process, we offer an online application form on our website. This form can be accessed by visiting our website and clicking on the "Apply Now" button. Our team will review your application and contact you with next steps.

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Can I use the Home Possible program to refinance my current mortgage?

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The Home Possible program can be used to refinance any type of existing mortgage, not just a Freddie Mac loan. However, there are certain eligibility requirements that need to be met, such as the property being the primary residence of the borrower, and income and credit score requirements. It is recommended to speak with a mortgage broker to determine if you are eligible for the Home Possible refinance program and to explore other refinancing options.

 

To get started, you can apply online through their website, fill out a Quick Quote form for pre-approval, or call their toll-free number at 1-800-407-0747 to speak with a representative.

 

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What is the minimum down payment requirement for the Home Possible program?

 

The minimum down payment requirement for Freddie Mac’s Home Possible program is 3% of the purchase price. The down payment money can come from any eligible source, including savings, cash gifts, employer benefits, and unsecured loans

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Are there income limits for the Home Possible program?

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Yes, there are income limits for the Freddie Mac Home Possible program. To be eligible for a Home Possible loan, applicants cannot make more than the area’s average income . This means that your income must be at or below the average income for the area in which you are looking to buy a home.. The program is designed to assist low-to-moderate-income borrowers, so there are certain maximum income limits that vary depending on the location of the property. In general, the limits are based on the area median income (AMI) for the specific census tract where the property is located. To find out the income limits for your area, you can check the Freddie Mac Home Possible Income Tool or consult with a licensed mortgage broker, like Bennett Capital Partners, who can provide you with the most up-to-date information and help you determine if you meet the eligibility requirements for the Home Possible program.

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What types of properties are eligible for the Home Possible program?

 

The Home Possible program allows for a variety of property types to be eligible for financing, including:

 

• Single-family homes

• Multi-unit properties with up to four units

• Condominiums and townhomes

• Planned unit developments (PUDs)

• Manufactured homes that meet certain requirements

It's important to note that for certain types of properties, such as condos, there may be additional eligibility requirements that must be met, such as the project being classified as warrantable or non-warrantable. Working with a knowledgeable mortgage broker can help you navigate the eligibility requirements for your specific property type. Condo Mortgages through home possible must meet Fannie Mae guidelines. 

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Looking for more information about our mortgage services? Contact us directly at Bennett Capital Partners, where our team of expert brokers can answer your questions and provide you with the information you need. You can reach us by phone at 1-800-457-9057 or by using our Quick Quote Tool on our website.

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Can a borrower qualify for a Home Possible mortgage if they own another property?

 

Yes, a borrower can still qualify for a Home Possible mortgage even if they own another property. However, certain requirements must be met, such as having a specific amount of reserves available, which is determined based on the number of properties owned. The reserve requirements may vary based on the loan-to-value ratio and other factors. It is important to consult with a qualified mortgage broker to determine if you meet the requirements for a Home Possible mortgage if you own another property.

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Contact Bennett Capital Partners to learn more about how the Home Possible Mortgage can help you finance your dream home in Florida. For more information, click HERE.

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Can I get a Home Possible mortgage with a low credit score?

 

Yes, it is possible to get a Home Possible mortgage with a low credit score, but it may affect your eligibility for the program. The minimum credit score required for the program is 660 for fixed-rate mortgages and 680 for adjustable-rate mortgages and manufactured homes. Borrowers with lower credit scores may be subject to additional underwriting requirements. However, the program's flexible underwriting guidelines allow for non-traditional credit sources to be considered in the application process, which may help borrowers with low credit scores qualify for a mortgage. Additionally, working with a knowledgeable mortgage broker, such as Bennett Capital Partners, can help you navigate the Home Possible program's requirements and find the best financing options for your specific needs.

 

 

Is mortgage insurance required for the Home Possible program?

 

Yes, mortgage insurance is required for the Home Possible program. However, there are different options available, such as borrower-paid monthly mortgage insurance or lender-paid mortgage insurance. The amount of mortgage insurance required will depend on factors such as the loan-to-value ratio and the creditworthiness of the borrower. It's important to discuss these options with a qualified mortgage broker to determine the best fit for your individual financial situation. 

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What are the repayment terms and loan amounts available for the Home Possible program?

 

The Home Possible program offers several repayment terms and loan amounts to suit a variety of borrower needs. The maximum loan amount for a Home Possible mortgage varies by location and is generally higher in high-cost areas. In terms of repayment, borrowers can choose between fixed-rate and adjustable-rate mortgages (ARMs), with terms ranging from 15 to 30 years. Additionally, the program offers the option to finance up to 105% of the home's value with affordable second mortgages or down payment assistance programs. It is important to consult with a licensed mortgage broker like Bennett Capital Partners to determine the specific loan amount and repayment term that best fits your unique financial situation.

 

Why should you choose Bennett Capital Partners for all your Freddie Mac Home Possible Mortgage needs in Florida?

 

If you're looking for a reliable and experienced mortgage broker for your Freddie Mac Home Possible Mortgage needs in Florida, Bennett Capital Partners is the ideal choice. Here are a few reasons why:

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1. Licensed Residential and Commercial Mortgage Brokerage: As a fully licensed mortgage brokerage company, we specialize in providing innovative and flexible financing solutions for a wide range of property types and credit scenarios.

2. Deep Understanding of the Market: Our team has extensive knowledge of the local housing market and can help you navigate the complex process of obtaining a Freddie Mac Home Possible Mortgage in Florida.

3. Experienced Founder: Bennett Capital Partners was founded by Philip Bennett, who has over 22 years of experience in the mortgage industry. With his expertise, you can trust that you're in good hands.

4. Range of Mortgage Programs: We offer a range of mortgage programs, including Fannie Mae Mortgages, Freddie Mac Programs, FHA, VA, USDA, Non-QM, Private Lending, Hard Money, Commercial Mortgsages, Warrantable Condo Mortgages, and Non-Warrantable Condo Mortgages, to help you find the best fit for your needs.

5. Personalized Service: We understand that every client's situation is unique, and we take the time to provide personalized service and support to ensure your needs are met.

6. Convenient Location: Our office is conveniently located at 1101 Brickell Ave, Suite 800 in Miami, FL 33131, making it easy for you to access our services.

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With Bennett Capital Partners, you can feel confident that you'll receive top-quality service and support for all your Freddie Mac Home Possible Mortgage needs in Florida.

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 Please call us 1-800-457-9057 or reach us by our contact form HERE