- Freddie Mac: Home Possible Advantage is a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers. It’s a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent. To qualify, first-time home buyers are required to participate in a borrower education program.
- Fannie Mae: 3 percent down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. Any buyer can take advantage of Fannie’s loans as long as at least one co-borrower is a first-time buyer. The loans will require private mortgage insurance.
Other recent articles from NAR about opening the credit box.
If you want to know more about these programs, contact a local mortgage professional for a information. I’m sure they would love to sit down and explain the options!
Related post: https://www.evergreenfunders.com/small-business-loans-for-women-2018/