Fannie Mae Homeready/Freddie Mac Home Possible Advantage Loan

Designed for the creditworthy, low-to-moderate income borrower, with limited down payment funds, HomeReady and Home Possible provide home financing options with up to 97% financing, or a down payment as low as 3%.

  • Gifts, grants, Community Seconds, are all acceptable sources of down payment or closing costs.

  • Reduced mortgage insurance coverage required for LTV >= 90%.

  • Cancellable mortgage insurance once borrower’s equity reaches 20%.

  • Eligible for borrowers with income that falls within 80% of AMI

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