Low Down Payment Multi-Family Financing - Primary Residence Only

[Jerry Padilla]

Home Possible Financing - Income limits apply ONLY in certain locations. Locations considered to be underserved markets are low income census tracts - and have no income restrictions.

Main Points For Freddie Mac's Home Possible -

• Reduced Mortgage Insurance
• Low Down Payments:
  • LTV of 97% on 1 unit & 95% on 2-4 units within standard conforming limits.
  • LTV of 95% 1 unit, 2 unit -85%, 3-4 units 80% for super conforming.
• Conforming loan limit look up:

Conforming Loan Lookup

• PRIMARY Residence purchase only
• NOT Required to be a first time home buyer
• Locations considered a low income census tract - have no income restrictions
• On 2-4 units - can use rental income from other units to assist in qualifying for the property.
• >90% financed - can receive up to 3% seller paid financing concessions

• Purchase transactions only - no cash out & no rate and term refinances allowed
• Income limits apply ONLY in certain locations. The borrowers qualifying income converted to annual income must not exceed 100% of the Area Median Income for the location of the subject property. This can be looked up on Freddie Mac’s website; Freddie Mac Home Possible Eligibility
• MI insurance when greater than 80% LTV
• First time Home Buyer must complete the Homebuyer Education Program
• 2-4 Unit Purchase must complete Landlord Education Program

STATES WE LEND IN:

Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming