FHA Alternative
Are you planning on buying your first home? Freddie Mac Home Possible®, Home Possible Advantage Freddie Mac Home Possible, and Home Possible Advantage offer first-time homebuyers and low-to-moderate-income borrowers low down payments and flexible sources of funds.
The following is more information about getting an FHA Alternative loan:
- Purchase or rate/term refinance.
- 1-4 unit primary residence.
- As little as 3% down payment for a fixed rate, 1-unit purchase, or rate/term refinance.
- As little as 5% down payment for ARMs or 2-4 unit purchase or rate/term refinance.
- A borrower’s funds are not required for the down payment on a 1-unit residence.
- Borrowers are not required to be first-time homebuyers.
- Homeownership education course required for first-time homebuyers.
- Income and property restrictions apply per Freddie Mac guidelines (income limits do not apply in underserved areas – LP® will determine applicability).
- Lower mortgage insurance cost due to lower MI coverage requirements compared to standard Freddie Mac Programs.
- Lender Paid Mortgage Insurance options offered.
Let’s Discuss Your FHA Alternatives
The team at Superior Mortgage is ready and willing to help you find the financial option that fits your needs. Contact us today to discuss all your loan options.
With the new administration in place, we expect more emphasis from regulators on fair lending.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.