Home Possible

Home Possible

At QLMS, we believe that Home Possible is one of the best products available for your Clients in underserved areas. The goal of this webinar is for you to walk away with the tools you need to identify opportunities with this product and execute on them. You sell what you know – become an expert on Home Possible and uncover hidden potential within your market. Educate your realtor network to maximize your purchase business.

Join Michael Faga Product Manager | QL Capital Markets, John McElhone Account Executive | QLMS, and Jim Peronto National Trainer | Freddie Mac as they walk you through pricing comparisons, share the benefits, and perform live demonstrations utilizing the tools available to search for the possibilities in your area.

Access Recording

 

QLMS is proud to partner with Freddie Mac in offering the Home Possible mortgage product for loan to values up to 97%.  Check out this short video for an overview of the Home Possible opportunity.

There are some clear cut benefits to choosing Home Possible over Home Ready.  The chart below highlights several of these benefits.

homepossible_correctchart

Transaction Type

Min FICO

# of Units

Max LTV

Max CLTV and HCLTV

Max DTI

Purchase & Rate/Term Refinance

620

1 Unit

97%

97%

Meet the Sheet

Rate/Term Refinance

620

2 Unit

95%

95%

Meet the Sheet

Rate/Term Refinance

620

3-4 Units

80%

80%

Meet the Sheet

Income
· Client income must NOT exceed the area median income as calculated by the Freddie Mac Affordable Income & Property Eligibility Tool.
· 120%- 170% of area median income in high cost areas.
· No income limits apply if the Mortgage Property is located in an Underserved Area.

Eligible Product: 30 Year Fixed ONLY

Counseling required for First-Time Home Buyers. Product eligible for Non-FTHB as well.

An online course is available that takes approximately two hours to complete on the Freddie Mac site. Upon completion the client should print the certificate and provide back to Partner.
http://www.freddiemac.com/creditsmart/tutorial.html

LPMI Coverage Rates

LTV

Required MI Coverage Rate

95.01% – 97%

18%

90.01% – 95%

16%

85.01% – 90%

12%

80.01% – 85%

6%

Purchase: 3% Gift Funds allowed.

Refinance: Existing mortgage does NOT have to be serviced by Freddie Mac.

County Loan Limits: Need to know the county-level income maximum?  Check county income limits here.

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