Home Possible or other low down payment loan option

[Erin M.]

Does anyone know if the Home Possible loan program is coming back as an option?    Or can anyone share good experiences with other low down payment programs or lenders? 

I acquired a 2 unit in 2019 in the East Humboldt Park area. When looking for this property, I wanted to utilize the Home Possible Program but wasn’t able to.  Now That I’m looking for my 2nd property, I’m hoping the Home Possible program or another low down payment program is available. 

Thanks!!

[Brie Schmidt]

Originally posted by @Erin M.:

Does anyone know if the Home Possible loan program is coming back as an option?    Or can anyone share good experiences with other low down payment programs or lenders? 

I acquired a 2 unit in 2019 in the East Humboldt Park area. When looking for this property, I wanted to utilize the Home Possible Program but wasn’t able to.  Now That I’m looking for my 2nd property, I’m hoping the Home Possible program or another low down payment program is available. 

Thanks!!

Because of the income restrictions home possible only works for properties under $350k. Your only option then is FHA which you will need to basically find a 2 unit under $500k because the self sufficiency test is very hard to pass for 3 or 4 units.