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
