We are excited to announce that Homestead Funding Corp. is expanding our mortgage product line to include Freddie Mac’s Home Possible® program. Home Possible® offers both purchase and refinance options with outstanding flexibility to meet a variety of borrowers’ needs. Home Possible® allows us to provide home ownership possibilities to more individuals who otherwise might not be eligible. This program is ideal for first-time homebuyers, move-up borrowers and retirees, as well as low-to moderate income borrowers.
Although there is no first-time home buyer requirement, if you are taking advantage of Home Possible® as a first-time buyer, you will be required to complete home buyer education. Benefits of this program include 97% financing, only 3% down required, stable monthly payments from a fixed rates mortgage, flexible sources of funds, and 3% seller concessions available. More liberal income limits are available in higher cost areas, as well as lower private mortgage insurance (PMI) rates. These benefits help to make this program a good option for many individuals. For more details about this program or other home financing options, please contact your Licensed Loan Originator today!