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Freddie Mac Updates Updated Home Possible Tool for Lenders

FreddieFreddie Mac is offering an updated Home Possible Income & Property Eligibility Tool [1] which allows lenders to determine if a borrower meets the income requirements for a low down payment mortgage on a specific property.

The map-based Home Possible Income & Property Eligibility tool allows lenders to check for borrower eligibility for a high LTV loan for a property by simply entering that property’s address.

Freddie Mac Home Possible mortgages, which allow down payments between 3 and 5 percent, are often attractive solutions for low- and moderate-income borrowers, first-time homebuyers, millennials, and past homeowners who are returning to the market, according to Freddie Mac.

Borrowers can qualify for a Home Possible Mortgage if their income is up to 170 percent of the area’s median income (AMI). If the property is located in an underserved area, there are no income thresholds. The program also features a free online tutorial to meet the education requirement for first-time homebuyers.

Freddie Mac’s Home Possible Mortgage Program offers the following:

Freddie Mac’s Home Possible Advantage Mortgage Program offers the following:

Click here to check for eligibility [1] for Freddie Mac’s Home Possible mortgage program or for more information about the program.