Loan Program

HomePossible Mortgage Loans

Learn More

Is a HomePossible Mortgage loan right for you?

The HomePossible Mortgage offers more options and credit flexibilities than ever to help you attain the dream of owning a home.

In addition to its down payment requirement of as little as 3%, HomePossible now offers more options to get you into your dream home. Co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers are permitted to have another financed property, and more – all with competitive pricing and the ease of a conventional mortgage!

Mortgage Loan

Benefits of a HomePossible Mortgage loan

  • Realize the milestone of homeownership without the barrier of gathering a 20 percent down payment.
  • Apply sweat equity for up to the entire amount of the down payment and closing costs.
  • Non-occupying co-borrowers can contribute to borrower funds on one-unit properties.
  • Cancel mortgage insurance upon reaching 20 percent equity, reducing the monthly mortgage payment and potentially saving thousands over the life of the loan.
  • Enable empowered decisions and life-long responsible homeownership with required homeownership education.

HomePossible Mortgage loan eligibility requirements

  • Flexible sources of down payments: Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity.
  • Income limits: There may be certain income limits. Contact us to see if you qualify!
  • Maximum LTV ratios: Low down payment with a maximum of 97% LTV, 105% TLTV with Affordable Seconds, and 97% HTLTV for 1-unit properties.
  • Mortgage Insurance: Mortgage insurance on 1-unit properties can be cancelled after loan balance drops below 80% of the home’s appraised value and cancellation criteria are met. MI coverage requirements are reduced for LTV ratios above 90%.
  • Pricing: Credit fees are capped and less than standard fees for all loans over 80% LTV.
  • Eligible property types: 1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions.

No matter what your situation is, there is a home financing solution for you. We are ready to guide you through your options and get you the best rate possible!

Conventional

Learn More!

FHA

Learn More!

VA IRRRL

Learn More!

Jumbo

Learn More!

Renovation

Learn More!

USDA

Learn More!

HomePossible

Learn More!

HomeReady

Learn More!

Manufactured Home

Learn More!

Texas Vet

Learn More!

Down Payment Assistance

Learn More!