In Arizona, the Freddie Mac Home Possible loan program is designed for qualified low- and moderate-income borrowers. Through Home Possible loans Arizona borrowers can qualify for a conforming conventional mortgage with a down payment as low as 3% of the property purchase price. No minimum borrower financial contribution is required. This program also can be used for a “no cash out” refinance of an existing mortgage.
Potentially reduce interest rate for borrowers with low incomes or for properties in underserved areas
No up-front Arizona FHA mortgage insurance premium (MIP) and potentially lower ongoing private mortgage insurance (PMI) cost as compared to the ongoing FHA MIP cost
Ability to include rental income from boarders and other units in multi-unit properties to qualify for a mortgage in Arizona
Borrower(s) are not required to maintain reserves if buying a single-family property
Income flexibility for Arizona homeowners with Home Possible
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