Achieving your dream of homeownership is possible.
The Home Possible® mortgage loan program was designed to bring homeownership within reach to more borrowers. This means you! Tailored specifically to low- and moderate-income homebuyers, Home Possible® only requires a down payment of as little as 3%, making it easier to get into the home of your dreams.
To qualify for a Home Possible® loan, you don’t have to be a first-time homebuyer.
Some other features include:
- As low as a 3% down payment
- Homebuyer education required on purchase transactions if all occupying borrowers are first-time homebuyers
- Income limits apply – contact your loan originator for details
While you don’t have to be a first-time homebuyer to qualify for a Home Possible® home loan, many first-time homebuyers do utilize this low-down-payment mortgage program. If you’ve never owned a home before, you might be thinking, “why should I buy a house?”
There can be benefits of renting, of course, but the perks of owning a home tend to be beneficial overall .
- Build wealth – The amount you’re paying in living expenses each month would go toward your own net worth, not your landlord’s.
- Stability – Gone are the days of signing a new lease every year, wondering if your rent will increase and by how much. When you own a home, you know exactly what to expect for the entire length of your mortgage.
- Creative freedom – Your home is all yours to do exactly what you want with it. Whether that means painting an accent wall, updating the carpets, or hanging shelves – whatever it is, you have the freedom to make it happen (without asking the permission of a landlord).
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines.
If you’re ready to accomplish your homeownership goals for the Home Possible® loan program seems like it might be a good fit for your situation, contact a local mortgage expert in your area to learn more and get pre-approved.
If you’re ready to accomplish your homeownership goals for the Home Possible® loan program seems like it might be a good fit for your situation, contact a local mortgage expert in your area to learn more and get pre-approved.
