Your monthly debt-to-income ratio must not exceed 43%.Homes up to four-unit properties are eligible. At least one borrower (either you or your co-borrower) must occupy the home you’re purchasing as your primary residence.These can be funds from savings, a gift from family, or a loan or grant received through a down payment assistance program You must have a credit score of at least 660 and funds for at least a 3% down payment.(In rare cases, areas may have no income limit.)īeyond the income limits, there are several other requirements you’ll need to meet to use a Home Possible mortgage. You can use Freddie Mac’s eligibility tool to see if your income meets this threshold in your area. Since the Home Possible loan is for low-income homebuyers only, your household income will need to fall under 80% of the area’s median to qualify. Start here (Feb 8th, 2022) Who is eligible for a Home Possible loan? See if you’re eligible for a Home Possible loan. Freddie Mac’s Home Possible mortgage is a loan program designed for home buyers with low incomes or little in savings.
