Effective recently, conforming lenders will accept loan submissions and locks for the Freddie Mac Home Possible program. Details for the program can be found at http://www.freddiemac.com/homepossible/ or you can check out the program matrix for the My Community and Home Possible programs on most rate sheets. You must be approved by Freddie Mac to utilize their Loan Prospector underwriting engine. You can visit their website at http://www.loanprospector.com/signup/ for details.

Personally, I think the Home Possible program is going to be a spitting image of what MyCommunity was earlier this year - a flexible 100% loan program with reduced MI and a 1pt hit to YSP.