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Home Possible Mortgage

Providing a responsible, low down payment mortgage option to help borrowers realize their dreams of home ownership. It offers 97% loan-to-value limit, making the down-payment requirements much lower than other types of mortgage loans.


  • First-time homebuyers, move up borrowers and retirees
  • Eligible properties: One unit properties (Manufactured homes are ineligible)
  • Fixed-rate mortgages with multiple repayment terms available
  • All borrowers must occupy the property as their primary residence


  • Eligible annual income up to 100% of area median income or higher in high-cost designated areas and no income limit in underserved areas
  • No reserves required for 1-unit properties
  • More eligible sources of funds for down payment and closing costs
  • Gift funds allowed


  • Stable monthly payments with fixed rate mortgages
  • Flexible sources of funds
  • Reduced mortgage insurance coverage levels for loan-to-value ratios greater than 90 percent
  • Minimum down payment of 3 percent allowed
  • Potentially a lower interest rate

Why choose the Home Possible Mortgage over FHA?

  • With Home Possible, conventional mortgage insurance will automatically end when the LTV drops below 80; FHA mortgage insurance will stay for the life of the loan
  • There is also no upfront PMI required for Home Possible loans
  • Build equity quicker