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HOME POSSIBLE

HOME POSSIBLE

  • Home Possible - 97% LTV, TLTV

  • Boarder and ADU income permitted

  • Flexible down-payment sources

  • Up to 30-year fixed

  • No reserve required

  • Income flexibility

  • Reduced M.I. coverage

  • Lower monthly payments means less income needed to qualify

PRODCUT GUIDELINES

MARKET CLASSIFICATION

MSA / MHP

FREDDIE MAC CONFORMING/HIGH BALANCE (FHLMC)

FREDDIE MAC CONFORMING/HIGH BALANCE (FHLMC)

  • Up to 95% financing

  • Minimum FICO 620

  • Up to 80% LTV for cash-out

  • Up to 80% LTV for Purchase for Investment

  • SOFR Index Adjustable-Rate Mortgages (5/6, 7/6, 10/6)

PRODCUT GUIDELINES

MARKET CLASSIFICATION

MSA / MHP

HOME ONE MORTGAGE

HOME ONE MORTGAGE

  • No Borrower geographic or income limits

  • Purchase and No Cash Out refinances

  • Homebuyer education is required when all borrowers are first-time homebuyers (at least one borrower must be a First-Time Homebuyer)

  • Available on One-Unit properties

  • Primary Residences only

  • Fixed Rate financing only

  • Allows both Affordable Seconds and other secondary financing per JMAC and FHLMC lending guidelines

  • FHMLC LPA – Accept findings only (no manual underwriting)

  • No minimum borrower contribution

  • All borrowers must occupy the subject

  • No Cash Out Refinances up to 97% LTV (For LTV’s between 95.01-97%, the property must be currently owned by FHLMC)

PRODCUT GUIDELINES

MARKET CLASSIFICATION

MSA / MHP

FANNIE MAE CONFORMING/HIGH-BALANCE (FNMA)

FANNIE MAE CONFORMING/HIGH-BALANCE (FNMA)

  • Up to 97% financing

  • Up to 80% LTV for cash-out

  • Up to 85% LTV for Purchase and Rate and Term for 2 units

  • 100% of down payment and closing costs may be gifted

  • Appraisal transfers allowed on standard conforming loan limits

  • SOFR Index Adjustable-Rate Mortgages (5/6, 7/6, 10/6)

PRODCUT GUIDELINES

MARKET CLASSIFICATION

MSA / MHP

FANNIE MAE CONFIRMING/HIGH-BALANCE (FNMA)

FANNIE MAE CONFIRMING/HIGH-BALANCE (FNMA)

  • Up to 97% financing

  • Up to 80% LTV for cash-out

  • Up to 85% LTV for Purchase and Rate and Term for 2 units

  • 100% of down payment and closing costs may be gifted

  • Appraisal transfers allowed on standard conforming loan limits

  • SOFR Index Adjustable-Rate Mortgages (5/6, 7/6, 10/6)

PRODCUT GUIDELINES

MARKET CLASSIFICATION

MSA / MHP

HOME READY MORTGAGE FROM FANNIE MAE

HOME READY MORTGAGE FROM FANNIE MAE

  • Purchase and Refinance

  • Lower income

  • First-time or repeat borrowers

  • Low down payment

  • Supplemental boarder or rental income

  • Credit scores =>620. Credit scores =>680 may qualify for better pricing

PRODCUT GUIDELINES

MARKET CLASSIFICATION

MSA / MHP

FANNIE MAE REFI NOW PROGRAM

FANNIE MAE REFI NOW PROGRAM

  • Requiring a reduction in the homeowner's interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner's monthly mortgage payment.


  • Providing a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.

PRODCUT GUIDELINES

MARKET CLASSIFICATION

MSA / MHP

A conforming loan is a mortgage with terms and conditions that meet the funding criteria of Fannie Mae and Freddie Mac. Conforming loans cannot exceed a certain dollar limit, which changes from year to year.

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