Home Possible® 97 Mortgages Offers Flexible Credit Terms and Low Down Payment Options
Key Features
15-, 20- 30-, and 40-year fixed-rate mortgages
No Borrower Contribution required on 1-unit Primary Residences
Low mortgage insurance coverage
5/1 (2/2/5 caps), 7/1 and 10/1 CMT- and LIBOR-indexed ARMs
1 to 4-unit Primary Residences
Manufactured Homes eligible (with certain restrictions)
Maximum financing up to 105 percent total loan-to-value (TLTV) for qualified borrowers
Underwriting, Execution & Delivery
Freddie Mac's Home Possible 97 offers outstanding flexibility and options to meet a variety of borrower's needs. With Home Possible 97, you'll capitalize on opportunities to meet the home financing needs of borrowers looking for low down payments and flexible sources of funds, including first-time homebuyers, move-up borrowers, retirees, families in Underserved Areas, new immigrants, very low and low- to moderate-income borrowers.
We've created a fact sheet[PDF] to help you underwrite, sell and deliver Home Possible 97 Mortgages to Freddie Mac. We've designed this document to provide you with the high-level guidelines you'll need. However, it is not intended to be a complete source of information. Please refer to the Freddie Mac Single-Family Seller/Servicer Guide (Guide) for complete details.
Learn more about Home Possible 97 Mortgages:
Refer to Chapter A34 of the Guide
Call (800) FREDDIE
Easy-to-print promotional versions of the fact sheets are available:
