Home Possible Advantage Loan Program
Why Choose The New Home Possible Advantage® Program? A responsible, low down payment mortgage option for first-time homebuyers and low- and moderate-income borrowers.
When it comes to providing the greatest flexibility and mortgage options for low- or moderate-income homebuyers, Home Possible Advantage® is at the top of the list. Also perfect for first-time homebuyers, millennials and other underserved consumers, Home Possible Advantage helps put more qualified customers on the path to successful homeownership.
The Highlights:
- Ideal For:
- First-time homebuyers, move-up borrowers, and retirees.
- Families in underserved areas.
- Very low-, low- and moderate-income borrowers.
- Families in underserved areas.
- First-time homebuyers, move-up borrowers, and retirees.
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Key Features:
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Purchase and no cash out refinancing.
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Maximum 97 percent LTV and 105 percent TLTV ratios for Home Possible Advantage.
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Mortgage insurance options.
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Loan Product AdvisorSM or manual underwriting.
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No reserves required for 1-unit properties.
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Maximum credit fee in price of 1.5 percent.
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Borrower Benefits
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Stable monthly payments with fixed-rate mortgages.
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Flexible sources of funds for down payment.
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Reduced mortgage insurance coverage levels for LTV ratios greater than 90 percent.
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Minimum down payment of 3 percent allowed for Home Possible Advantage.
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