Are you in the market for a new home but don’t know where to start when it comes to financing? Look no further than Home Possible loans, and let us help you every step of the way.
MortgageDepot is a trusted mortgage broker company with a team of experts who are well-versed in Home Possible loans. These loans offer a variety of benefits for home buyers, including flexible loan terms, low down payment options, and refinancing options. Here’s what you need to know about Home Possible loans:
- Loan Terms: Choose from 15, 20, or 30-year fixed terms, with a fixed interest rate for the life of the loan. This gives you the peace of mind of knowing what your monthly payments will be, and helps you plan your budget accordingly.
- Property Types: Home Possible loans are available for a variety of property types, including single-family homes, multi-unit properties, condos, and PUDs. This gives you the flexibility to purchase the home of your dreams, no matter what type of property it may be.
- Low Down Payment: One of the biggest benefits of Home Possible loans is that they allow you to finance up to 97% of your home’s purchase price with just a 3% down payment. This can make homeownership a reality for many people who may not have the funds for a larger down payment.
- Refinancing Options: If you already own a home and want to refinance, Home Possible loans offer cash-out refinance options to help you tap into the equity in your property. This can give you the funds you need for home improvements, paying off debts, or anything else you may need.
- Gift-Assisted Down Payments: If you’re short on funds for a down payment, you can use gifts from family and friends to help you reach the required amount. This can be a great option for those who may not have the savings they need to make a down payment.
- No Geographic Limits: Home Possible loans have no limits on loan amounts, so you can purchase a home anywhere in the country. This gives you the freedom to purchase a home in the location of your choosing, whether it’s in your current city or somewhere new.
- No Income Limits in Low Income Census Tracts: There are no income limits for Home Possible loans in low-income census tracts, making homeownership a possibility for a wider range of home buyers. This can be a great option for those who may not meet the income requirements for other loan programs.
- Reduced Mortgage Insurance: With Home Possible loans, you can enjoy reduced mortgage insurance, which can help lower your monthly mortgage payments and make homeownership more affordable.
At MortgageDepot, we believe that Home Possible loans are a great option for many home buyers and we’re here to help. Our team is dedicated to assisting you every step of the way, answering any questions you may have and guiding you through the process of obtaining a Home Possible loan.
So, what are you waiting for? Let us help you discover the benefits of Home Possible loans and make your dream of homeownership a reality. Contact us today to get started!
Connect with one of our loan consultants to learn more.
