For Immediate Release | MORTGAGE Market Update · Beginning Monday, Home Possible Advantage 3% down mortgage program -- Buyers do not have to be first-time home buyers. Buyers can use 100% gift funds for their down payment, closing costs with no payment reserves.
For Freddie Mac’s program, borrowers do not have to be first-time home buyers. The GSE A government-sponsored enterprise (GSE) is a financial services corporation created by the United States Congress, enables those who are purchasing to use 100% gift funds for their down payment, closing costs and escrow impounds. It is not required to have any sort of payment reserves.
"Home Possible Advantage gives qualified borrowers with limited down payment savings a responsible path to homeownership and lenders a new tool for reaching eligible working families ready to own a home of their own. Home Possible Advantage is Freddie Mac's newest effort to foster a strong and stable mortgage market,” Tina Mounger, REALTOR with JustListedKNOXVILLE.com, said.
For Freddie Mac’s program, borrowers do not have to be first-time home buyers. The GSE enables those who are purchasing to use 100% gift funds for their down payment, closing costs and escrow impounds. It is not required to have any sort of payment reserves.
Mortgages are so low they almost look there like free.” There’s more for your money right now, Buyers have realized prices have hit bottom.” Let’s go shopping for your Knoxville area home!
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