Home Possible Mortgage (Freddie Mac)

Administered by: Freddie Mac (Federal Home Loan Mortgage Corporation) · Federal · Government-Guaranteed Mortgage

Funding status: Active

How much assistance

Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment (Government-Guaranteed Mortgage)

Eligibility

  • Income limits: Household income at or below 80% of Area Median Income (AMI) for the property's location
  • First-time buyer required: No
  • Credit score minimum: 660
  • Geographic restrictions: Available nationwide; primary residence only; 1-unit properties, condos, manufactured housing
  • Homebuyer education required: No
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Notes

Not a direct government loan — Freddie Mac sets guidelines; private lenders originate. 3% minimum down. PMI required until 80% LTV (can be cancelled). Reduced PMI rates (as low as 0.5%). Homebuyer education required only if ALL borrowers are first-time buyers or credit established via non-traditional references only (CreditSmart or ReadyNest courses satisfy requirement). Down payment can come from gifts, grants, employer-assisted programs, or Freddie Mac Affordable Seconds. DTI up to 43% (manually underwritten); higher with automated underwriting. Repeat buyers eligible. First-time buyer definition: has not owned residential property in past 3 years.

Available Statewide In