Home Possible® Loans
achieving your dream of homeownership is possible
The Home Possible® mortgage loan program was designed to bring homeownership within reach to more borrowers. This means you! Tailored specifically to low- and moderate-income homebuyers, Home Possible® only requires a down payment of as little as 3%, making it easier to get into the home of your dreams
program details
- 3% down payment required for single-unit. primary residence
- 5% down payment required for 2-4-unit. primary residence
- FICO as low as 620
- No first-time homebuyer requirement
- Income limits apply — ask your loan originator for details
why should i buy a house?
While you don’t have to be a first-time homebuyer to qualify for a Home Possible® home loan, many first-time homebuyers do utilize this low-down-payment mortgage program. If you’ve never owned a home before, you might be thinking, “why should I buy a house?”
There can be benefits of renting, of course, but the perks of owning a home tend to be beneficial overall .
- Build wealth – The amount you’re paying in living expenses each month would go toward your own net worth, not your landlord’s.
- Stability – Gone are the days of signing a new lease every year, wondering if your rent will increase and by how much. When you own a home, you know exactly what to expect for the entire length of your mortgage.
- Creative freedom – Your home is all yours to do exactly what you want with it. Whether that means painting an accent wall, updating the carpets, or hanging shelves – whatever it is, you have the freedom to make it happen (without asking the permission of a landlord).
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines.
