Home Possible Advantage, offered by Freddie Mac, and HomeReady, offered by Fannie Mae, are similar programs for homebuyers without large down payments. Here’s an explanation of the program.
Program HomeReady (1 Unit) Home Possible Advantage Loan Purpose Purchase and LCOR Purchase and LCOR Loan Type Fixed and ARM Fixed Rate Only FICO Minimum of 620 Minimum of 620 LTV Purchase 97%, LCOR 97% Purchase 97%, LCOR 97% cltv max 105% Max 105%
Unlike government-insured loans, with HomeReady, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road *Restrictions apply.
One area where both the HomeReady and Home Possible programs agree is the occupancy requirements. The programs are strictly for use on owner-occupied properties. In other words, you cannot use either program to buy a second home, vacation home, or investment property. If you own another home, you will not be able to use this loan program.
Frequently Asked Questions: Home Possible Mortgages. These frequently asked questions about Home Possible mortgages will help you better understand some of the requirements for Freddie Mac’s flagship low down payment offering, including requirements for homeownership education and lender gifts and grants.
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FHA, HomeReady and Home Possible Advantage loans are types of mortgages that have a lot in common but have subtle differences that can make an impact. In this article, we dive into the characteristics of each mortgage time to compare similarities and differences.