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United Wholesale Mortgage (UWM) has announced the availability of Freddie Mac’s new Home Possible Mortgage program, which enables first-time homebuyers and low- to moderate-income borrowers to achieve homeownership with only a three percent downpayment. The program allows homeowners the ability to refinance up to 97 percent loan-to-value, regardless of their existing loan type. Likewise, borrowers are able to purchase a home with as little as 3 percent down, even if they aren’t first-time home buyers. There are also no income limits for those borrowers in underserved areas.
“Freddie’s Home Possible program opens up a lot of possibilities for borrowers, real estate agents and originators when it comes to home financing needs,” said Mat Ishbia, president and CEO of UWM. “It allows our brokers and correspondents to reach more borrowers who are now eligible to refinance or purchase a new home.”
Home Possible and Home Possible Advantage are better alternatives than FHA financing for borrowers looking to purchase with a low downpayment or refinance with limited equity.
Home Possible and Home Possible Advantage Highlights:
►Freddie Mac’s conventional alternative to FHA
►Thirty-year fixed rate
►Purchase and rate/term refi up to 97 percent
►Refinances up to 97 percent LTV, regardless of current mortgage program
►One unit, primary home only
►Combines lower mortgage insurance factors with LLPA caps to minimize payment