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Just 3% down, reduced mortgage insurance, and sweat equity toward your down payment. The Freddie Mac Home Possible mortgage opens the door to affordable homeownership in Texas, Arkansas, and Oklahoma.
Home Possible is a Freddie Mac mortgage program designed to help creditworthy low-to-moderate income borrowers achieve homeownership. With a down payment as low as 3%, reduced mortgage insurance rates, and the unique ability to use sweat equity toward your down payment, Home Possible removes many of the barriers that keep families from buying a home. The program is available for 1-4 unit primary residences in Texas, Arkansas, and Oklahoma, including manufactured homes.
Purchase a home with as little as 3% down. Down payment funds can come from gifts, grants, employer assistance, or even sweat equity.
Unlike most loan programs, Home Possible lets you use sweat equity - the value of your own labor on the property - toward your down payment and closing costs.
Home Possible offers lower private mortgage insurance (PMI) rates than standard conventional loans, and the PMI cancels automatically once you reach 20% equity.
Home Possible can be used to finance manufactured homes, expanding your options for affordable homeownership beyond traditional site-built properties.
While great for first-time buyers, Home Possible is also available to repeat buyers and current homeowners looking to refinance, as long as income limits are met.
Utopia will verify your income against the AMI limits for your area to confirm you qualify for the Home Possible program.
We review your finances and explore down payment options including gifts, grants, and sweat equity. Your pre-qualification letter gives you a competitive edge.
If required, complete an online homeownership education course. Many courses are available for free through HUD-approved providers.
Find your home, complete underwriting, and close with as little as 3% down. Welcome home.
Utopia will check the income limits for your area and help you explore whether Home Possible is the right fit for your situation. Spanish translators available.
