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Freddie Mac Home Possible Mortgage

A Freddie Mac Home Possible Mortgage from NASB helps low-income borrowers get financing and allows for the down payment to come from outside sources.

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Key Features

Down payments as low as 3%

Funding can come from non-resident co-borrowers

Competitive pricing



Home ownership made simple with a Home Possible loan from NASB.

If your dream is owning a home but your income level may be holding you back, a Home Possible mortgage through Freddie Mac may be the solution. The Home Possible mortgage for low income borrowers offers down payments as low as 3%, plus co-borrowers do not need to live in the residence. Your down payment can come from a variety of sources including family, employer-assistance programs, secondary financing, and sweat equity. Call NASB today to see if you qualify.

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Home Possible Loan Advantages

  • Competitive rates and terms
  • Down payments as low as 3%
  • Allows for flexible source of down payment and closing costs (family, employee assistance programs, sweat equity); no minimum personal funds required
  • Boarder income and rental income from an accessory unit allowable
  • Reduced mortgage insurance pricing for loans above 90% LTV

Home Possible Loan Requirements

  • For purchase or rate and term refinance (no cash-out refinance)
  • Borrower income is less than or equal to 80% of the area median income
  • Primary residences only; non-occupant co-borrowers allowed
  • Max LTV 97% for purchases or limited refinances owned or securitized by Freddie Mac
  • Minimum FICO 660 for fixed rate purchases; 680 for ARM purchases
  • Home ownership counseling course required for any purchase transactions with first-time home buyers



Freddie Mac Home Possible Loan FAQs

Home Possible is a mortgage loan program offered through Freddie Mac that allows borrowers with lower incomes to achieve their home ownership or refinance goals. They feature low down payments, fixed-rate mortgages and reduced mortgage insurance levels.
No. As long as your income does not exceed 80% of area median income (AMI) you qualify for a Home Possible loan.
To qualify for a Home Possible mortgage:

  • Borrower income is less than or equal to 80% of the area median income
  • Primary residences only; non-occupant co-borrowers allowed
  • Max LTV 97% for purchases or limited cash-out refinances owned or securitized by Freddie Mac
  • Minimum FICO 660 for fixed rate purchases; 680 for ARM purchases
  • Home ownership counseling course required for any purchase transactions with first-time home buyers
Mortgage insurance is required with a Home Possible loan. Coverage requirements are reduced for LTV ratios above 90%; can be cancelled if the loan-to-value (LTV) ratio falls below 80%.
You must not earn more than 80% of your census tract’s median income to be eligible for a Home Possible loan. Check your area’s median income here.
If you are a first-time home buyer, all occupying Home Possible borrowers must complete a homeownership education course offered by a qualified provider.
Yes, you can use a Home Possible loan to do a rate-and-term refinance (cash-out refinances are not available). And, if you qualify, you can refinance out of a Home Possible loan into a different loan program.
Residencies eligible for a Home Possible mortgage includes houses with 1-4 dwelling units, condos, planned unit developments, and some types of manufactured homes.


What Our Customers Say
Mohit M., May 25, 2021
★★★★★ (5)

"NASB always makes it easy and transparent to work with them. I know upfront what to expect - they're clear in their communication and keep their word. This was my third interaction with them and it's a fantastic experience working with the NASB team."


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In the last decade based on lender data

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Based on 544 NASB closed loan customer surveys from 12/1/2021 to 7/27/2022

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*According to Bain and Company, the source of the Net Promotor Score (‘NPS’) system, a score of 50 is excellent, and anything above 80 is world-class.