What is the Home Possible program?

The Home Possible program is a mortgage offering by Freddie Mac aimed at providing affordable and flexible financing options for low- and moderate-income borrowers. It seeks to enable potential homeowners to achieve their dream of homeownership through reduced down payment requirements and flexible credit guidelines. Under the Home Possible program, qualified borrowers can make a down payment as low as three percent of the purchase price, making it accessible for individuals who may not have substantial savings. The program is designed to accommodate a range of income levels and borrower profiles, including first-time homebuyers. It supports various types of properties, and the affordability feature is particularly beneficial in high-cost areas where housing prices can be a barrier to homeownership. Additionally, Home Possible allows for certain sources of funds for the down payment, such as gifts from family members or grants, further enhancing accessibility. For those interested in learning more about this program or seeking specific eligibility criteria and details, it is advisable to visit the current Freddie Mac website, where updated information is readily available.