Freddie Mac’s Home Possible Versus Fannie Mae’s HomeReady: Which Is Better?

The Freddie Mac Home Possible mortgage offers more options and credit flexibilities than ever before to help your very low- to moderate-income borrowers attain the dream of owning a home. In addition to its down payment requirement of as little as 3 percent, Home Possible now offers more options to responsibly increase homeownership for more of your borrowers.

FHA loans, HomeReady mortgages offered by Fannie Mae and Home Possible mortgages through Freddie Mac are designed to help borrowers without large down payments qualify for a home loan. The programs have some similarities, but this article will help you decide which is the best program for you.

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With this guide, you will understand how the FHA, Fannie Mae and Freddie Mac function, and what these organizations do to assist potential home buyers obtain a mortgage. And in all cases, it is always helpful to speak with a lender, mortgage broker or financial advisor to see which mortgage loans may work for your current financial situation.

Freddie Mac Home Possible Freddie Mac has its own 97 LTV program, Home Possible. The program assists low- to moderate-income borrowers with loans made for certain low-income areas.

 · What are Fannie Mae and Freddie Mac? The Federal National Mortgage Association (Fannie Mae) and the Federal Home loan mortgage corporation (Freddie Mac) act as support for lenders, so they can give more money to potential home buyers. Unlike the FHA, Fannie Mae and Freddie Mac do not insure loans given by lenders.

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Fannie Mae and Freddie Mac are two big reasons we have 30-year fixed home loans in the US. They create a market for mortgages in the US, so lenders don’t tie up their money for three decades.

· In the first few years of conservatorship, as home values plummeted and foreclosure rates spiked, Fannie Mae drew $119.8 billion and Freddie Mac. Fannie Mae’s HomeReady and Freddie Mac’s Home Possible programs, which both offer 3 percent minimum down payments and flexible underwriting terms, are available through multiple lenders nationwide.