April 2nd, 2015 8:54 AM by Jackie A. Graves
Just in time for the
spring homebuying season, Freddie Mac's new 3% down mortgage, Home Possible
AdvantageSM, is available at a
lender near you.
Is this mortgage for
you? See our checklist below.
Are you a first-time homebuyer?
Do you want to refinance your current mortgage without taking
any cash out?
Do you earn at or below the local median area income?
Are you planning to live in the home?
Is your credit ok?
Do you have funds to cover the down payment and closing costs?
(they do not have to be your own funds)
If you're a first-time buyer, are you willing to participate in
a borrower education program?
If you checked the box
for many of these questions, Home Possible Advantage may be for you. But
don't despair if you didn't - you don't need to have everything in this
checklist to qualify. For example, while the product is a good fit for a
first-time homebuyer it's not one of the program requirements. And if you live
in an underserved market,
local median area income requirements do not apply. See our 3%: Your Top Questions
Answered blog to get more information.
Even if you don't
qualify for Home Possible Advantage you have a number of other choices. A
growing number of today's buyers are putting down between 5 and 10%. Sure,
you'll have to pay PMI, but it means you'll be able to take advantage of
today's historically low mortgage rates and affordable home prices in
many parts of the country. Talk to a lender today.
posts in our Spring Homebuying series.
To view the original
article click here