Freddie Mac is willing to go as low as 3% down for a mortgage loan. A recently launched mortgage loan, Home Possible AdvantageSM grants potential homeowners the opportunity for affordable mortgage loans. Acuity is here to explain the details to your pending questions.
Borrowers who have limited savings, low to moderate income, and first-time homebuyers are eligible for Home Possible AdvantageSM.
Potential buyers must meet minimum credit requisites and have immediate funds to cover the required down payment. Homeownership education is necessary for first-time homebuyers to take advantage of the mortgage loan. Freddie Mac offers CreditSmart as an option.
Private mortgage insurance (PMI) is required on all loans without a 20% minimum down payment. PMI serves as an added insurance policy that protects the mortgage lender should negligence of loan payment persist.
Home Possible AdvantageSM fixed rate mortgage terms range from 15 to 30-year rates and can replace existing mortgages with a “no cash out” refinance.
Freddie Mac designed Home Possible AdvantageSM with current trends in mind. New underwriting requirements exist with stricter credit standards, lower debt-to-income ratios, fixed-rates conditions, and housing counseling requirements.
Are you interested in learning more about the Home Possible AdvantageSM mortgage or other loan options? Contact Acuity National Real Estate Solutions, LLC today at (502) 238-7500. We provide our clients the best of both worlds—old-fashioned professional excellence supplemented by the cutting edge technology necessary for an optimized process and smooth, speedy transactions. In today’s market, you need an agile title and closing partner that can still keep its feet on the ground. To learn more about Acuity’s services, visit www.ftgclosings.com.