In 2024, Freddie Mac introduced a game-changing opportunity for very low-income homebuyers through its Home Possible Loan Program. Originally set to run from March 1, 2024, to February 28, 2025, this initiative has been extended through February 28, 2026, providing a $2,500 credit to eligible buyers to assist with down payments and closing costs. This financial boost is aimed at making homeownership more accessible for those earning 50% or less of the area median income (AMI).
Making Homeownership Attainable
Since its inception in 2018, the Home Possible Loan Program has been instrumental in helping low-income families purchase homes. One of the most significant hurdles to homeownership is accumulating enough savings for a down payment and closing costs. With this $2,500 credit, Freddie Mac is helping to bridge that gap, ensuring that more individuals and families can achieve the dream of owning a home.
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Who Qualifies?
To be eligible for the $2,500 credit, homebuyers must meet the following requirements:
At least one borrower must be a first-time homebuyer
The mortgage must be a purchase transaction
The buyer must earn 50% or less of the area median income (AMI)
The credit can be used toward the 3% minimum contribution required from the borrower’s personal funds
This assistance significantly lowers the upfront costs of purchasing a home, making homeownership a more viable option for those who may have otherwise struggled to enter the market.
A Step Toward Affordable Homeownership
This limited-time program is a vital step in expanding access to affordable housing and promoting sustainable homeownership. By addressing financial barriers, Freddie Mac’s $2,500 credit empowers buyers to overcome one of the biggest obstacles in their journey toward homeownership.
If you or someone you know is interested in this opportunity, contact your Sibcy Cline Loan Officer today to learn more about how this program can help make homeownership a reality.
Here's what you need to know to make homeownership more accessible.
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