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HomePossible® Mortgages

HomePossible® Mortgages are designed to offer low down payments options for low- to moderate-income homebuyers or buyers in high-cost or underserved communities.

The HomePossible® mortgage allows borrowers to apply without a credit score for properties with a settlement date beginning June 26, 2017. Qualified borrowers can put down as little as 5 percent.

  • LTV: Maximum LTV and TLTV of 95 percent.

  • Property Options: 1-4 units, condos, and planned-unit developments; mobile homes are eligible with certain restrictions.

  • Flexible Sources of Down Payments: The down payment can come from family members, employee-assistance programs, and secondary financing.

  • Mortgage Flexibility: 15- to 30-year fixed-rate mortgages, 5/1, 7/1 and 10/1 ARMs.

  • Refinance Options: No cash-out refinancing option is available for borrowers who occupy the property.

  • Income Flexibility: Borrowers with incomes above AMI may be eligible in high-cost areas. No income limits in underserved areas.