Is a Home Possible mortgage right for you?
Discuss your options with a mortgage lender. See tips for finding a lender.
*See requirements and eligibility restrictions below.
Features of a Home Possible Mortgage
Down payment as low as 3%
Home Possible provides down payment options as low as 3% and reduced private mortgage insurance.
Qualify without a credit score
Some qualified buyers can attain a Home Possible mortgage without a credit score.
Financial flexibility
Home Possible allows down payment and closing cost funds to come from gifts, grants and other sources.
Is a Home Possible mortgage right for you?
Discuss your options with a mortgage lender. See tips for finding a lender.
*See requirements and eligibility restrictions below.
Are you a first-time homebuyer?
Get a jumpstart with a homeownership education certificate from CreditSmart® Homebuyer U. This free online education course meets the homeownership education requirement for a Home Possible mortgage.
Requirements and eligibility restrictions for the Home Possible mortgage include:
- Qualifying income is limited to 80% of the area median income. There are no geographic limits on loan amounts.
- The down payment can come from several different sources, including family, employer-assistance programs, secondary financing and sweat equity. There is no minimum homebuyer contribution required.
- Upon reaching 20% equity, homeowners can request to have their mortgage insurance canceled — reducing monthly mortgage payments and potentially saving money over the life of the loan.
- Homebuyers can own another property and use rental income to qualify.
- Non-occupant co-buyers can help borrowers qualify for a one-unit property.
- Different types of residences are eligible, including condos, manufactured homes and more.
- Homeownership education is required when all borrowers are first-time homebuyers, via our free online course, CreditSmart® Homebuyer U.