Getting a first mortgage can be a difficult task. Raising the necessary funds to make the first down payment can be stressful for some people, and if you do not have a great credit score or are relatively unestablished, this can become an even more frustrating process. However, there are ways to finance a home purchase other than a traditional mortgage. Here are some details about one of these programs: the Freddie Mac Home Possible mortgage.
Home Possible Specifics
A Freddie Mac Home Possible mortgage is a way for lower-to-moderate income clients to get their first mortgage when other paths are out of reach. The main advantage of this loan is the low down payment: it only needs to be 3% of the cost of the home. Freddie Mac loans also have more flexible credit requirements than traditional loans, which can especially help young people who are relatively unestablished have their mortgage application approved.
Qualifications for Freddie Mac
In order to get a Freddie Mac Home Possible mortgage, you must meet certain criteria. To begin, the annual income of the buyer must not be greater than 100% of the median income limits of the surrounding area. However, this restriction might not apply in underserved areas. In addition, you cannot have over 43% to 45% of your income going towards debts, but you might be able to qualify anyway if you consult loan professionals. Also, you must also be a first-time homebuyer and take a homebuyer course online or in-person.
Apply for a Home Possible Mortgage
If you deeply desire to be a homeowner and think that you could qualify for a Home Possible mortgage, the most important step is to contact a knowledgeable mortgage professional and apply. A Freddie Mac Home Possible Loan can help you buy your first home when you didn’t think it would be possible financially. Here at Butler Mortgage, we can help you determine if you are eligible for a Freddie Mac mortgage and then guide you along the process towards owning your first home. Call us today at 407-931-3800 for a free consultation!