HomePossible loans are a mortgage product offered by Freddie Mac, a government-sponsored enterprise (GSE) in the United States. These loans are designed to help low-to-moderate income borrowers with affordable financing options to purchase or refinance a home.
Income limits for homepossible loans are typically set at 80% of the area median income (AMI) and offer flexibility in terms of down payment requirements. To promote informed home ownership, homepossible loans require borrowers to complete an online home ownership education course which provides valuable information about the homebuying process, managing finances and maintaining home ownership.
It is important to note that homepossible loans are subject to specific guidelines and requirements set by Freddie Mac. Eligibility and loan terms may vary based on the borrower’s financial profile and lender’s guidelines. If you are interested in a homepossible loan, reach out to us at Sterling Financial Services to consult with our team of professionals who can provide more detailed information, evaluate your eligibility, and guide you through the application and approval process.