3 Percent Down Payment with Freddie Mac’s Home Possible Advantage Mortgage
You might be able to afford the monthly mortgage payments but can't scrape together 20 percent of the purchase price. In addition, coming up with the closing costs is another factor to consider. Closing costs can run into the thousands of dollars. Now you have another option with only a 3 percent down payment.
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If you put off buying a home because you haven't saved enough of the down payment, this program might be for you. Since mortgage rates are still low, now is a good time to buy a home. Furthermore, mortgage rates are moving higher in the coming years.
The lower the mortgage rate on a loan, the lower the monthly mortgage payments will be. This program is also available if you're looking to refinance an existing home loan.
3 Percent Down Payment Information
Freddie Mac has a checklist to see if you qualify for a Home Possible Advantage loan. You don't have to have all of the boxes checked to qualify for a loan. Following are some guidelines for the Home Possible Advantage program.
There are other guidelines listed at Home Possible at a Glance.
Finally, you should talk to your lender to see if they offer Home Possible or Home Possible Advantage loans. Freddie Mac works with thousands of lenders nationwide so there's a good chance your lender offers an option like Freddie Mac's Home Possible Advantage mortgage.
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