3% down with flexible funding sources including gifts and employer assistance.
Freddie Mac Home Possible matches HomeReady's 3% down requirement but adds its own twist: it accepts non-traditional credit histories, making it accessible to borrowers without established credit scores. If you've been paying rent and utilities on time but don't have credit cards or loans in your name, Home Possible can work with that history.
The entire 3% down payment can come from gifts, grants, Affordable Seconds (government-backed second mortgages), or employer assistance programs. PMI is reduced compared to standard conventional loans and cancels automatically when you reach 20% equity — unlike FHA's permanent mortgage insurance.
Home Possible allows co-borrowers who don't live in the property, which is useful when a family member wants to help you qualify. It works on 1-4 unit properties for owner-occupants ready to house-hack their way into real estate.
This program can be used on 1-4 unit properties. Live in one unit, rent the others.
We'll show you how to combine Freddie Mac Home Possible with other programs to maximize your free money — personalized to your ZIP code and income.