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Wisconsin and Illinois Freddie Mac Home Possible Mortgage Loans



Home Possible is a Freddie Mac program that has very flexible credit guidelines for low to moderate income borrowers. It's available to purchase or refinance a single-family home, condominium, or a 24 family home.

If you need some help to overcome obstacles to homeownership such as, having a non-traditional credit history or lacking of funds for a down payment, or just needing extra credit flexibility, we offer affordable financing solutions for qualified borrowers who want to purchase or refinance a home.

  • No minimum contribution from borrower's own funds (one-unit)
  • Up to 95% financing - one loan
  • Up to a 40-year term and options for initial interest-only period
  • Eligible for Community Seconds or standard subordinate financing
  • Available for 2, 3 or 4-unit properties for borrowers who want to live in one unit and rent out the others
  • Competitive rates
  • Choose a fixed rate or an ARM if you don't plan on being in the home for long
  • No minimum borrower contribution
  • Nontraditional credit allowed, low credit scores or no credit history
  • Lender paid mortgage insurance (LPMI) is available with this program
  • PMI required for loans over 80% LTV but at a reduced rate - except in cases where LPMI is used
  • Borrowers must be at or below median area income limits to qualify
  • Not just for the first time homebuyer
  • Available for purchases and rate and term refinances

Median area income limits applies and can be checked on Freddie Mac's website: Median Income Limits

Other programs that may be of interest:
My Community Mortgage
Rural Housing
FHA Loans
VA Home Loans
Flex 100 and Flex 97
Lender Paid Mortgage Insurance
100% Financing Programs

Current Wisconsin and Illinois Mortgage Rates Please call or email Ameristar for current Home Possible rates

All Wisconsin and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including FHA, VA and Rural Housing
Wisconsin Refinance Illinois Refinance Programs

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Recent Home Possible posts on our blog:

Home Possible Loans
April 7th, 2008

The Home Possible mortgage can help people obtain mortgages in underserved areas as well as assist immigrants, retirees and first time homebuyers in attaining home ownership. The Home Possible mortgage offers greater flexibility than many traditional mortgages offered by other lenders.

Read the rest of this entry
 

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