First Time Homebuyer
Fannie Mae HomeReadyFreddie Mac Home PossibleFreddie Mac Home Possible Advantage
The ideal borrower for these programs:
- Have limited cash for a down payment (only 3% required)
- Low to moderate income
- Credit score 620 (HomeReady)
- Credit score 660 (Home Possible)
- Credit score 660 (Home Possible Advantage)
- Repeat homebuyers allowed in certain instances
- Have supplemental boarder or rental income
Additional Information for HomeReady and Home Possible Advantage:
- Only requires a minimal 3% down payment, which can be from flexible sources including gifts, grants, and Community Seconds with no personal funds required
- Reduced private mortgage insurance coverage that is cancellable once the borrower’s home equity reaches 20%
- Can be used for a purchase or a refinance mortgage
Call us today to discuss whether you qualify for one of these 1st time homebuyer programs!
