Home Possible 97
If you're tired of renting but don't think you can afford to buy your own home... think again! Our latest mortgage loan option may help you achieve your dream of home ownership. It's called Home Possible Mortgage.
A great mortgage program for people who may not be able to qualify for a loan under other mortgage programs.
This mortgage program was developed to allow borrowers who may have limited savings or nontraditional sources of income a better opportunity to buy or refinance a single-family home or condo, or a two- to four-family home that is used as a primary residence.
The program includes several options that can make it even easier for public service employees such as teachers, police officers, firefighters, and health care workers to buy a home. There are even special considerations for borrowers with a disability.
The Home Possible Mortgage may be ideal if...
1. You have limited funds for a down payment and closing costs.
2. You have non-traditional credit and/or income sources
3. You are looking to buy your first home
4. You are an educational institution employee, police officer, firefighter, or healthcare worker
5. You are disabled
Whether you're buying a home for the first time, or you've purchased a home in the past, Home Possible Mortgage offers you an affordable option. It is especially designed for potential homebuyers who cannot meet the strict income and credit requirements, down payment and closing costs of a more conventional home loan.
- Up to 97% financing - one loan (Owner-Occupied property only)
- Seller can pay closing costs - Up to 6%
- Gift money can pay closing costs or down payment - (Family member only)
- Unsecured Loan can pay down payment
- Credit score driven - for LTV purposes
- Up to a 40-year term and options for initial interest-only period
- NO minimum borrower contribution
- NO cash reserves required
- Not just for the first time homebuyer
- Available for purchases and rate and term refinances (No cash-out)
- Choose a fixed rate or an ARM if you don't plan on being in the home for long
- 40 Yr fixed, 30 Yr fixed, 5/1, 7/1 or 10/1 arm available
- Borrowers must be at or below median area income limits to qualify
- Maximum loan amount - $417,000
Our Real Estate Services are free of charge to the homebuyer. The seller of the property pays our fee and we represent your fiduciary interests in the entire transaction. Our Mortgage Services are at the best rates and fees in the area because of our one stop shopping concept. Call today at 817-690-9296 for more information.