Home Possible Advantage: A Good Program for Home Buyers

The Home Possible Advantage Loan Program has distinct advantages for home buyers. First, let’s look at what it takes to qualify, then we’ll look at the benefits.

Who Can Qualify for Home Possible Advantage

* First-time home buyer, or
* Displaced  homemaker or single parent who used to have joint ownership in a marital residence, but now is buying on their own, or
* Have not owned real estate in the last three years.

* Credit score 620 or higher.

* The home must be your primary residence, not a rental or vacation home.

* Annual income cannot exceed 100% of the median income in the area, UNLESS the property is located in an area designated to increase home ownership. In that case, there is no income limit.

The Home Possible Income & Property Eligibility tool is here.

Benefits of the Home Possible Advantage Loan Program

Only 3% down payment.

Lower monthly mortgage insurance (MI) payment.

No up-charge to the interest rate for the low down payment.

Lower monthly payment.

Down payment can be from your own money, or gift money from immediate family.

How to Get the Home Possible Advantage Loan

You get this loan through your mortgage broker. Your broker can shop several wholesale lending sources for Home Possible in order to find you the best pricing you qualify for. I am licensed in California and Washington.

Remember, get pre-approved for financing first, then contact your real estate agent to find a home.

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