Home Possible Mortgage

Empower Homeownership with Home Possible Mortgages

It's like having the government cosign for you. First-time homebuyers save thousands and enjoy tier 1 rates.
620

Minimum Credit Score

Not Calculated

Maximum Debt To Income

105%

Maximum Loan To Value

$550k

Maximum Loan Amount

Innovative Mortgage offers the Home Possible mortgage, a lending solution from Freddie Mac designed to make homeownership more accessible to first-time homebuyers, low- to moderate-income borrowers, and those with limited cash for down payments.

Key Features of the Home Possible Mortgage through Innovative Mortgage:

  • Low Down Payment: As low as 3% down payment required, which can be a gift, grant, or Community Seconds®; no personal funds required.
  • Reduced Mortgage Insurance: Lower mortgage insurance coverage levels than most conventional loans, which can result in lower monthly payments.
  • Flexible Funding: Allows co-borrowers who do not live in the home, such as parents.
  • Income Limits: Borrower’s income must not exceed 100% of the area median income (AMI), but in low-income census tracts, there are no borrower income limits.
  • Credit Score Requirements: Minimum FICO of 620 to qualify for most Home Possible mortgages.
  • Property Types: 1-4 unit properties, condos, and planned-unit developments; manufactured homes are eligible with higher down payment.
  • Refinancing Options: Rate-and-term and no cash-out refinancing options are available for those who want to lower their interest rates or mortgage payments.

Why Choose the Home Possible Mortgage with Innovative Mortgage:

  • Homeownership Accessibility: The Home Possible mortgage aligns with our mission to bring homeownership within reach for a broader population.
  • Guidance and Support: Our experts can guide you through the entire process, ensuring you understand the financial benefits and responsibilities that come with a Home Possible mortgage.
  • Tailored Solutions: We strive to offer solutions tailored to individual financial situations, and our team will work with you to find the best mortgage options to fit your needs.

Start Your Journey to Homeownership:

If you’re interested in the Home Possible mortgage for your primary residence, Innovative Mortgage can help evaluate if it’s the right fit for your financial situation. We understand the importance of responsible lending and are dedicated to helping you make informed decisions about your home financing options.

Contact Innovative Mortgage today to discuss Home Possible mortgages and take that first step toward buying your home. Our dedicated team is here to support you with personalized service throughout your home buying journey.

Pros of Home Possible Mortgages

1

Government Co-signed

Home Possible Mortgages act like government co-signing for you, ensuring better terms.
2

Major Savings

These mortgages can save first-time homebuyers thousands over the life of the loan.
3

Tier 1 Rates

Enjoy the best rates available, making your monthly payments more affordable.

Cons of Home Possible Mortgages

1

Income Limitations

Home Possible loans have income limits that vary based on the location of the home.
2

Homeownership Education Requirement

Borrowers are required to complete a homeownership education course.

Key Issues That Will Get Early Attention

1
Determine Eligibility
We'll help you determine if you meet the income and homeownership education requirements for this program.
2
Review Loan Amounts
We'll help you understand the loan limits and your qualification amount to ensure this is the right fit for you.
3
Discuss Income Limitations
We'll guide you through the income requirements for Home Possible loans and help you determine if your income falls within these limits.
4
Understand Homeownership Education
We'll guide you through the homeownership education requirement, helping you find the right resources and understand what it entails.