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Freddie Mac Home Possible Mortgage: Your Path to Homeownership, Even with a Low Income

The Freddie Mac Home Possible mortgage is a government-backed loan program that offers low down payment options and flexible lending requirements to first-time homebuyers and borrowers with lower incomes.

Key features of the Freddie Mac Home Possible mortgage:

• Low down payment: Borrowers can qualify for a Home Possible mortgage with as little as 3% down.
• Flexible lending requirements: Home Possible mortgages have looser lending requirements than some other loan types. This can make it easier for borrowers with low incomes or credit scores to qualify.
• Affordable monthly payments: Home Possible mortgages have competitive interest rates and mortgage insurance premiums. This can help borrowers keep their monthly payments affordable.

Who is eligible for a Freddie Mac Home Possible mortgage?

To qualify for a Home Possible mortgage, borrowers must meet the following eligibility requirements:

• Have a credit score of at least 660
• Make a down payment of at least 3%
• Have a debt-to-income ratio of 43% or less
• Have stable income and steady employment
• Live in the home as their primary residence
• Have a household income that does not exceed 80% of the area median income (AMI) check Home Possible income and property eligibility tool to see your area’s median income.

Other requirements for Home Possible loans:

• A debt-to-income (DTI) ratio of 43% or less if the loan is approved through Freddie Mac’s automated underwriting system. Or, a DTI of 45% or less if the loan is manually underwritten
• A loan-to-value (LTV) ratio of 97% or less (meaning you put at least 3% down). If you have multiple home loans or a second mortgage — used to cover the down payment, perhaps — the LTV max is 105%
• Non-occupant co-clients are allowed in this program, which means you can qualify with the income of a parent or other individual who agrees to co-sign the loan with you

Is the Freddie Mac Home Possible mortgage right for me?

The Freddie Mac Home Possible mortgage can be a great option for first-time homebuyers and borrowers with lower incomes. However, it is important to compare this program to other mortgage options before making a decision. You should also work with a qualified mortgage lender (like myself) to get pre-approved for a loan and determine how much you can afford to borrow.

How to apply for a Freddie Mac Home Possible mortgage

To apply for a Home Possible mortgage, you can contact our team or get started on a application here and let us help you get the loan you need to buy your dream home.

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First time home buyers always start with the same question – Do I need a realtor or not? Well, some people prefer to do all the research, house hunting and make all the decisions themselves. While this isn’t a bad thing by any means when choosing to use a realtor you are still the person in charge when it comes to choosing all the aspects of the purchasing process. Just a few of the major benefits of using a realtor is having an industry expert on your side to help you navigate the sometimes difficult market and their wealth of resources you can tap to find a home that is right for you!

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Whether to buy a home or not is on a lot of people’s minds, especially millennials. In today’s market people are spending the same amount a month renting an apartment as they could on a mortgage payment on a home. Moving into a home is a big responsibility and not everyone wants the burden of a mortgage payment.
If your family lives in another state, your job moves around, or you’re planning to travel frequently, buying a home is probably not the best option at the moment. If you have a stable job and your family is in close proximity then purchasing a home can save tons of money.
Why pay for something you will never own? Whether you stay in the home long term or not, purchasing a home will save money. If you decide to leave the residence and move elsewhere you now own that property so you can rent it out and make income on it. Not only is there a possibility of a second income but there is the potential to get tax benefits. Homes also have a guarantee of return on your purchase after owning for 15-20 years. Think about spending $102,000 on a condo, you will now own it till the day you no longer want it. Now think about spending $102,000 on a rental property over a couple months. Yes, that rental will seem nice in the moment but at the end of those few months you will have payed $102,000 and now need to put more deposits down and rent another home. Neither renting nor buying is better but you will have different take always from each purchase. When renting you don’t pay for maintenance but you also don’t get to choose who does the maintenance, when they do it, and what appliances are in your rental. When you own a home you have full rein of what is in your home and who comes in your to fix it when something goes wrong. Buying and renting are both good options but in the long run purchasing a home will save money and provide you with more freedom to do as you please with the property.

My name is Natalie O’Connell and I’m the newest member to the TK team. I started my internship in September assisting with marketing and making calls to our realtors about upcoming events. I’m now starting the process of getting my LO license. I’m very excited to be working with Tara Krieg and her team! The office is always a cheerful place to be and there are always so many events going on around the workplace.

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The TK team is hosting the third annual Casino Night!

Every year we take a night to thank our business partners, clients, and staff with a fun Casino Night event.

The poker tables are ready, the cards are shuffled, we’ve dusted off the poker chips and we’re ready to party. Not only can our guests look forward to blackjack, but we’ll also have some amazing prizes, giveaways, treats and cocktails. The team is hard at work planning the awesome night and we can’t wait to see everyone.

Although we could never thank our clients enough for the business they send our way, we sure try our best with this event!

The last few years have been a blast and we are counting down the days for this one.

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Next week we’re kicking off our 6-week social media marketing boot camp. Every Friday from 10am to 11:30am our friend, Jon Storey, of First Arizona Title is giving us the rundown on social media and teaching everything you need to know when it comes to posting, content and so much more.

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Have an online presence is essential in the industry and while you may be posting, sharing, and engaging are you making sure that you’re establishing yourself as a credible industry expert? We’re teaming up with Mikel Erdman of MySMARTblog and RealtyBlogContent to bring you a class to teach you how to create a professional credibility online.

Join us August 15, 2018 from 11:30AM to 1:30PM to learn the essential steps to generate quality leads, SEO strategy and establishing and improving your online presence.

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