HomePossible

Fannie Mae & Freddie Mac – HomePossible® & HomeReady®-Gift: Is a 3% gift of equity, used for down payment purposes, allowed on a HomeReady® or HomePossible® from an Aunt/Uncle? Gift Funds and Gifts of Equity – All Agencies – Chart

Answer: Both agencies allow gift of equity as the source of down payment for a HomeReady or Home Possible mortgage.  A lender can choose to overlay that ability, but Fannie and Freddie do not prohibit when the donor is an eligible donor.  However, the property must be a one-unit single family dwelling (Condo/PUD okay), and [...]

2019-05-22T13:05:38-05:00May 24th, 2019|

Fannie Mae & Freddie Mac – HomePossible® & HomeReady®- Income Limits: If I have a married couple but only one spouse wants to be on the loan, is this acceptable for income limit purposes? 97% Financing Options Comparison – Fannie vs. Freddie Chart

Answer: That should be acceptable if both work; however, the other party cannot not be on the loan.  If you want to have both on the loan, you would have to use both of their incomes.  The only time you can consider not including income (from anyone on the loan that has employment) is if [...]

2019-05-22T13:06:03-05:00May 24th, 2019|

Freddie Mac – Sweat Equity Can Increase Homeownership – Dated February 7, 2019 – UPDATED MTP™- No Down Payment – Use Sweat Equity – NEW MTP™ and Chart – Sweat Equity Diagram – HomePossible®

Written By: Lloyd Rutherford, Staff Writer Some people are pretty handy when it comes to home improvement, and if they happen to be the one purchasing a home, this program may work quite well for them. Rule Synopsis: Freddie Mac introduced many enhancements for Sweat Equity as an eligible source of funds for down payment [...]

2019-03-11T09:18:39-05:00March 10th, 2019|

Fannie Mae – HomePossible™- Borrowers on Title: If an occupying co-borrower wants to be on the note but not the deed, will the down payment be 3% or 5%? [MC Chart – 97% Fannie Vs. Freddie Chart]

Answer: If all borrowers are occupying, then 3% is acceptable.  It sounds like they are signing the Note but not the mortgage deed, which shouldn’t be an issue as long as they are an occupying co-borrower and will have their debts and income assessed in the overall eligibility of the loan.    Social Media Post: Fannie [...]

2019-02-21T16:16:38-05:00February 25th, 2019|