Freddie Mac hub
Home Possible and other programs
Freddie Mac gives lenders a program called Home Possible. A lender decides whether it fits you.
What Home Possible is
Home Possible is the name of Freddie Mac's program for buyers with modest incomes. A lender that sells to Freddie Mac may offer it. It is a set of terms inside a conventional loan, not a separate lender.
What this page does not say
The terms of Home Possible change, so this page prints none of them. It does not say who is eligible, how much to put down or what it costs. Those come from a lender and from Freddie Mac's own page.
How to ask
Ask a lender, "Could a Home Possible loan work for me, and what would it change about my down payment and my monthly insurance?" Ask for the answer on the Loan Estimate.
Fannie Mae has its own
Fannie Mae has a similar program called HomeReady. The Fannie vs Freddie page puts the two side by side.
What this rests on
Amounts and limits change and differ by lender and by county. Ask a lender, and read the official page. Read the official page.
More Freddie Mac topics
- Freddie Mac does not lend to buyersIt buys loans from lenders. That one fact explains most of the words you will hear.
- Conforming loans and the yearly limitA loan can be too large for Freddie Mac to buy. The limit changes every year.
- PMI versus government insuranceEvery loan with a small down payment has some kind of insurance for the lender. Who provides it differs.
- The home has to pass tooA lender looks at the house as well as the buyer.
- Steps from search to keysThe order is the same for most home loans.
Educational only. AskResi is not a lender.