HomePossible®
Empowered Financing for Modern Homebuyers
Key Features
Homeownership within reach,
with just 3% down.
Gifts, grants, and more.
Diverse funding paths to your doorstep.
Keep more in your pocket.
Less PMI, more savings.
Requirements
620
Credit Score
HomePossible loans also need a credit score of 620 or more. If your score falls short, we're here to assist with different solutions.
3%
Down Payment
The minimum down payment is based on several factors, including loan type, credit score and debt-to-income (DTI) ratio.
45%
Debt-to-Income Ratio
Your total monthly debt, including the new mortgage, should not exceed 45% of your gross monthly income. Exceptions can be made for borrowers with strong compensating factors.
Additional Requirements
Loan Limits
For a conforming conventional loan, your loan must fall within the loan limits set by Fannie Mae and Freddie Mac. For {currentYear}, the conforming loan limit for a single-family home is {conformingLoanLimits}. There are exceptions, however. Alaska, Hawaii and other high-cost areas of the country have higher loan limits, ranging up to $1,089,300.
PMI
If you put down less than 20% on a conventional loan, you’ll be required to pay for private mortgage insurance (PMI). PMI protects mortgage investors in case of a loan default. The cost for PMI varies based on your loan type, your credit score and the size of your down payment.
For a complete list of requirements, please contact one of our loan experts. Loan requirements are subject to change. All information contained herein is for informational purposes only and while every effort has been made to unsure accuracy, no guarantee is expressed or implied. This is not an offer to extend credit or a commitment to lend.
¹Lower credit scores may require a higher down payment.