HOME POSSIBLE, FROM FREDDIE MAC, HAS OPPORTUNITIES TO MEET THE HOME FINANCING NEEDS OF LOW AND MODERATE INCOME BORROWERS LOOKING FOR LOW DOWN PAYMENTS AND FLEXIBLE SOURCES OF FUNDS.
Freddie Mac Home Possible® and Home Possible Advantage® mortgages (collectively referred to as Home Possible mortgages) offer outstanding flexibility and options to meet a variety of borrowers’ needs. Home Possible has opportunities to meet the home financing needs of low and moderate income borrowers looking for low down payments and flexible sources of funds.
Talk to one of our Underwriters using Ask Underwriting to learn more.
Use Freddie Mac's Home Possible Income and Property Eligibility Tool to find out if a subject property meets county loan limit requirements for Home Possible.
TO QUALIFY FOR HOME POSSIBLE
For your borrower to qualify for Princeton's Home Possible program, they must meet the following criteria:
Total annual qualifying income may not exceed 80% of the AMI for the property’s location
Home Possible Mortgages with LTV, TLTV or HTLTV ratios greater than 95% for which none of the Borrowers has a usable Credit Score are not eligible for sale to Freddie Mac.
A Home Possible Mortgage secured by a Manufactured Home may be a Manually Underwritten Mortgage only when the Mortgage:
Meets the Minimum Indicator Score required in this section, and
Has a term of 20 years or less, or an LTV/TLTV/HTLTV ratio of 90% or less, and
Was submitted to Loan Product Advisor and received an evaluation status of invalid, ineligible, or incomplete, or a Risk Class of Caution, ineligible for A-minus.
At least one Borrower must participate in a homeownership education program before the Note Date, or the Effective Date of Permanent Financing for Construction Conversion and Renovation Mortgages, in each of the following instances:
For purchase transaction Home Possible® Mortgages when all occupying Borrowers are First-Time Homebuyers,
For any transaction when the credit reputation for all Borrowers is established using only Noncredit Payment References