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Home Possible Mortgages with Flat Branch Home Loans
Home Possible Mortgages are designed for low to moderate-income homebuyers, and all borrowers must occupy the property as their primary residence.
Home Possible Mortgages aren’t just for first-time homebuyers, Freddie Mac and Flat Branch Home Loans want all homebuyers to find their dream home with an affordable loan that fits them best. Both types of Home Possible Mortgages allow flexible sources of down payments. Down payments can come from a variety of sources, including relatives, employer-assistant programs and secondary financing that meets the financial criteria. Home Possible and Home Possible Advantage allow you to request the removal of mortgage insurance when the LTV reaches 80%. The private mortgage insurance automatically cancels when your outstanding balance is 78% of the original loan amount.
Income and Property Requirements
Except when the property is located within the designated high-cost or underserved areas, the borrower's annual income must be less than or equal to the area median income (AMI) for the census tract. According to Freddie Mac’s guidelines, in a high-cost area, the borrower’s annual income can exceed the AMI. In addition, when the property is located in an underserved area, the AMI requirements are not applicable. For more information on the income and property requirements regarding your loan circumstances and property eligibility, talk to one of our loan officers today.
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Eligible Property Types
Home Possible allows 1- to 4-unit primary residences, condos, planned unit development and manufactured homes. With Home Possible Advantage, 1-unit primary residence only, condos and planned unit development are eligible.
Home Possible Mortgages Requirements and Details
|Home Possible: 95% LTV||Home Possible Advantage: 97% LTV|
|LTV (loan-to-value)||Maximum LTV and TLTV of 95 percent||Maximum LTV of 97 percent; TLTV 105 percent|
|Mortgage Flexibility||Fixed Rate Mortgages with a term up to 30 years, 5/1 Arm, 7/1 Arm, 10/1 Arm||Fixed rate mortgages with a term of up to 30 years|
|Credit Score||No credit score necessary||Credit score necessary; depends on financial circumstance|
|Refinance Options||No cash-out available||No cash-out available|
|Down Payment||Minimum down payment of 5 percent allowed||Minimum down payment of 3 percent allowed|
With Home Possible Mortgages, purchasing your dream home, whether it be your first or fourth, is easy and affordable. With low down payment options, reduced mortgage insurance coverage, flexible requirements for both income and down payment sources and flexible closing cost fundings, Home Possible Mortgages and Flat Branch Home Loans want to help you find success in your responsible home loan journey. Homeownership is an awesome feeling and we want to help get you there with a smooth and stress-free loan process. Apply today or find out more information about which home loan fits you best by talking with a loan officer at Flat Branch Home Loans.