HomePossible Mortgage
First Time Homebuyer Program
Borrowing with a HomePossible® mortgage
United Bank mortgage supports first-time homebuyers through the Freddie Mac HomePossible® program. These loans offer the flexibility and options that many new borrowers need. When buying a new home, a down payment is one of the biggest obstacles when it comes to affordability. With low down payments and flexible sources of funds, the Home Possible loan is perfect to make first-time home ownership a reality.
Key features of the HomePossible first-time homebuyer loan program:
- Funding for a variety of property types, including planned unit developments and manufactured homes
- A down payment as low as 3%, based on loan amount (manufactured homes as low as 5%)
- Credit scores as low as 620 may qualify
- Primary residences only
- New purchase or refinance (no cash out)
- A non-occupant can be considered as a co-borrower
There are limitations on income to qualify for this mortgage program - borrower income must be at or below 80% of the median income where you are looking to buy or refinance.
If you do not qualify for the HomePossible mortgage, be sure to discuss other options with your United Bank mortgage lender.
HomePossible Loan Process
The mortgage process(Opens in a new Window) can be intimidating. Our lenders will guide you through the entire journey, from application to closing.
Complete our online application(Opens in a new Window). You can stop and save your work anytime, and return to the application as needed until you complete it.
Once we receive your completed mortgage loan application, we will provide you with a Loan Estimate. Upon receipt of your Notice of Intent to Proceed we will let you know what additional information is needed.
This checklist(Opens in a new Window) is a compilation of frequently needed copies of documents.Resources for First Time Homebuyers:
- Homeownership Education(Opens in a new Window) - in both English and Spanish
- Freddie Mac's Borrower Support Network(Opens in a new Window) - live support from financial experts
- Eight Steps to Home Ownership(Opens in a new Window) - Freddie Mac's interactive guide to navigate first time home ownership
- Our mortgage calculator(Opens in a new Window)(Opens in a new Window) can be used to help you gain a better understanding of the type of loan you can afford over a five, ten, fifteen, twenty, or thirty year term.
