The Home Possible Mortgage is a responsible, low down payment option designed to help first-time homebuyers and low- to moderate-income borrowers realize their dream of home ownership. The Home Possible Mortgage provides up to 95{% loan to value (LTV) for first time buyers and low and moderate-income borrowers. Home Possible Advantage offers up to 97% LTV.

Home Possible Mortgages are Fixed Rate mortgages with terms of up o 30 years. They are available for 1-4 unit primary residences, condos, PUD, and manufactured homes (with some restrictions.) They feature reduced mortgage insurance requirements, allow more eligible sources of funds for down payment and closing costs, and require no reserves.

A low down payment option for first time homebuyers and low to middle income borrowers.Home Possible Mortgage

Features & Benefits

• No minimum borrower contribution from borrower personal funds
• Gift from related persons and other sources of funds permitted for down payment and closing costs
• Lower monthly payments from reduced mortgage insurance coverage levels
• Lower monthly payments means less income needed to qualify
• No minimum LTV limit
• No reserves required, lowering cash needed to close
• First time home buyers are required to complete approved homeownership education

Calculate monthly payment and amortization.

Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.

Ready to Apply?

Applying for a mortgage to purchase or refinance a home is simple with eLucid.

Get Started Now!

Share this Mortgage Option