For example if you purchase a single family property and rent out a room, the rental income may help you to qualify for the mortgage. Typically when you apply for a mortgage only the borrower’s personal income is considered to determine your ability to qualify for a mortgage but with the Home Possible Mortgage Program boarder or rental income is also factored into the qualification assessment. The Home Possible program is similar to Fannie Mae’s HomeReady Mortgage Program. The Home Possible program enables home buyers to buy a home with a down payment as low as 3.0% of the property purchase price and no minimum borrower financial contribution. How the Home Possible Mortgage Program Worksįreddie Mac offers the Home Possible Mortgage Program to help home buyers with limited resources afford mortgages.
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