3% Down Is All You Will Need With This Home Loan Program

If having a sizeable down payment is hindering you from purchasing a new house this year, we have good news. With the Home Possible program, buyers have the ability to put down as little as 3% and also pay reduced mortgage insurance.  

If you are a do-it-yourselfer you are also able to apply sweat equity as well to help assist you when it comes to meeting your down payment and closing costs under this program.

To see all the details on qualifying for this program, Freddie Mac has created a user-friendly map.  Simply follow this link and enter a property address.  After entering the address you will receive a pop-up window that will provide you with the Home Possible Income Limit for the specific property.   If your income is less than the 50% of the county area median income listed you may qualify for a Very Low Income Loan.  If your income is greater than the 50% of the county area median income level but less than the 80%, you may also qualify for a Low Income Loan. There are also some areas that do not have an income limit with this program.

For more details on these types of loans, we encourage you to talk with Paul or Jenna over at Guaranteed Rate, one of our preferred lenders.

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