Mortgages require as little as $500 in borrower cash
Borrowers with limited credit and savings have more options with a new suite of mortgage products from Freddie Mac, including the Home Possible Mortgage and the Home Possible Neighborhood Solution Mortgages.
The new Home Possible Mortgage combines borrower education and early delinquency counseling, zero and 3 percent down payment mortgage products, and flexible credit requirements.
An additional new program, Home Possible Neighborhood Solution Mortgages, offers the same flexibility plus special features designed to boost home-buying options for teachers, law enforcement officers, firefighters and health care workers by as much as 30 percent in some cases.
The loan products are available through Freddie Mac's national network of more than 2,000 lenders and 10,000 mortgage brokers using Loan Prospector, Freddie Mac's automated underwriting service.
Both products are available as 15-, 20- and 30-year fixed-rate mortgages or as 7/1 or 10/1 adjustable-rate mortgages for one-unit properties.
The basic Home Possible mortgage is available either as a 100 percent loan-to-value mortgage that borrowers can use for single-family home purchases and no-cash-out refinancing, or as a 97 percent loan-to-value mortgage for one- to four-unit properties. Both the zero and 3 percent down payment versions of Home Possible allow borrowers to put down as little as $500 from their personal funds towards the down payment and closing costs for a one-unit property. Two-unit properties require borrowers to put in 3 percent of the property's value; 3-4-unit properties and manufactured homes require a 5 percent borrower contribution.
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