Home Possible Mortgages are a responsible, low down payment mortgage option that will help you realize new possibilities to expand your realtor business and help more borrowers realize their dream of homeownership.
Home Possible provides you with an easy and convenient way to expand your reach in rapidly growing markets for first-time homebuyers and low- to moderate-income borrowers.
- Stable monthly payments with our fixed-rate mortgages
- Reduced mortgage insurance coverage levels
- Flexible closing cost funding options
- No cash-out refinancing
Home Possible Homeownership Education Requirement
Homeownership education is required for first-time homebuyers for purchase transaction Home Possible Mortgages.
This requirement stresses the importance of utilizing a curriculum that contains the minimum core content specified by the National Industry Standards for Homeownership Education and Counseling. These standards help ensure quality education and counseling is delivered with fairness and respect to homebuyers and homeowners.
Fixed rate, fully amortizing with level payments for the life of the loan. This purchase and rate/term refinance product is for low-to-moderate income borrowers who need low down payment options and credit flexibility. Primary residence only. This is NOT an FHA loan program, but is a Conventional loan program.
Maximum loan limits adhere to conforming loan limits per State and County.
Minimum down payment for 1 unit properties is 3%.
Minimum down payment for 2-4 unit properties is 5%!!
Borrowers with NO CREDIT HISTORY will be considered.
Borrowers may not have ownership in any other properties.
Manufactured Housing allowed and must meet certain requirements.
Condo's and PUD's allowed.
Borrowers are required to participate in pre-purchase homebuyer education and counseling prior to mortgage closing.
The income used to qualify the borrower must not exceed the percentages in the high costs areas set forth per County.
Please do not hesitate to contact me if you have any potential borrowers that would be interested in the HOME POSSIBLE loan program.
Dominic DiGrazio | Branch Manager
Residential Home Funding Corp.
60 Route 46 East, 2nd floor | Fairfield, NJ 07004
NMLS # 204838 | Company NMLS # 34973