 TITLE: What Is a Freddie Mac Home Possible Loan? CONTENT: Who Should Consider a Home Possible Loan?\n-----------------------------------------\nThe best way to know if a Home Possible loan is right for you is to work with a qualified loan officer who can assess your situation and match your needs against the program's requirements. Home Possible offers some generous provisions for would-be homebuyers, but requirements can vary depending on factors like whether you're purchasing a single-family home or condominium; the size of your down payment versus any amount you've been gifted; or your existing levels of income or debt.\nAlthough a Home Possible loan can be a viable mortgage option for many, it's especially appealing if you find yourself in one or more of the following circumstances:\n*   **Your income does not exceed 100% of the average median income (AMI) in your community.** Since you may not know the AMI in your neighborhood, use the Freddie Mac Home Possible tool to check your income eligibility.\n*   **Your family can help with down payment money or by acting as a co-borrower.** Gift money may change down payment requirements, however, so get the details before you apply.\n*   **You are open to taking a homeownership class.** Homeownership education is required for at least one borrower if all borrowers on the loan are first-time homebuyers. Your lender may also provide early delinquency counseling if you have trouble meeting your payment schedule.\n*   **You fit the credit parameters.** The minimum credit score for a Home Possible loan is 660; it's 680 for a no-cash-out refinance. If you or one of the borrowers on your loan do not have a credit score, however, a loan officer may be able to qualify you using alternative underwriting guidelines. END