“Freddie Mac Home Possible” Program – If the property located in Freddie Mac approved area and the borrower meets the 80% AMI limit, then the rate can be better than Standard and Standard with income limit programs.

Specification:

• Purchase/Refinance (Rate and Term or Cash Out) and FTHB (requirement) required
• Loan Amount $1,089,300 max (Depends on county) and up to 97% LTV, lower monthly MI payment comparing with standard program
• Avoid to pay upfront PMI (1.75% of loan amount) which FHA needs
• 80% median income (AMI, Area Median Income) required
• Homeownership counseling required – it can be done after the application is approved

The information provided above is a general overview and guidelines are subject to change at any time. For specific details, please get in touch with Junie without delay.