California Loan Options

California Home Possible: Unlocking Homeownership for First-Time Buyers

The Home Possible loan, a Freddie Mac mortgage program, is tailored to enhance accessibility to homeownership, particularly for low to moderate-income borrowers, including first-time homebuyers. This initiative focuses on offering flexible and affordable financing solutions, addressing the challenges of limited down payment funds.

Key features of the Home Possible loan include low down payment requirements, expanded eligibility criteria, and the option for financing primary residences, second homes, and investment properties. Borrowers may also have the opportunity to receive down payment and closing cost assistance from a variety of sources. The Home Possible loan from Freddie Mac is a valuable option for those looking to enter the housing market with financial flexibility and support.

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Program Highlights of the Home Possible Loan

  1. Low Down Payment Requirements:
    • With a minimum down payment of 3%, the Home Possible loan empowers both first-time and repeat buyers to enter the housing market with a modest down payment, promoting financial flexibility.
  2. Expanded Eligibility Criteria:
    • The program features flexible underwriting, making it ideal for first-time homebuyers. Boarder income can also be considered to assist with qualification.
  3. Versatile Financing Options:
    • Home Possible supports financing for primary residences, second homes, and investment properties, providing a wide range of options to suit different homebuying needs.
  4. Down Payment and Closing Cost Assistance:
    • Borrowers may have the opportunity to receive assistance for down payment and closing costs from various sources, enhancing affordability.
  5. No FICO Score Requirement:
    • A unique advantage is the eligibility for borrowers with no FICO score, provided at least one borrower has a minimum FICO score of 680.
  6. MCC Grant:
    • The Mortgage Credit Certificate (MCC) Grant is available for qualified first-time homebuyers needing additional income to qualify for a loan.
  7. Primary Residence Requirement:
    • All borrowers must occupy the subject property, ensuring that the Home Possible loan supports primary residence goals.
  8. Home Buyers Counseling:
    • Feeling informed and confident is crucial in the homebuying journey. Home Possible encourages homebuyer counseling, providing valuable insights for both first-time and experienced buyers.
  9. Income Restrictions:
    • Some income restrictions apply, ensuring the program aligns with its focus on low to moderate-income borrowers.

The Home Possible loan from Freddie Mac stands as a valuable option for those aspiring to own a home, offering a range of features and support to make the dream of homeownership a reality.

Information and self-help tools are provided for your independent use and are not intended to provide investment advice. We cannot and do not guarantee loan eligibility or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to speak with one of our experienced loan officers for a loan eligibility analysis and custom rate and payment estimate.

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