Home Possible Program Advantages Near San Diego

[Jerry Padilla]

Advantages of Home Possible

• LTV of 97% on 1 unit & 95% on 2-4 units
• Minimum credit score of 620
• PRIMARY Residence purchase only
• NOT Required to be a first time home buyer
• Locations considered a low income census tract - have no income restrictions

Restrictions of Home Possible

• Purchase transactions only - no cash out & no rate and term refinances allowed
• Income limits apply ONLY in certain locations. The borrowers qualifying income converted to annual income must not exceed 100% of the Area Median Income for the location of the subject property. This can be looked up on Freddie Mac’s website; http://www.freddiemac.com/homepossible/eligibility.html
• May NOT own other residential property
• MI insurance when greater than 80% LTV
• Max loan amount - conforming limits (super conforming not allowed)
• Non- occupying co-borrowers are not allowed with this program

These zip codes have a no income limitation with Home Possible. This allows anyone to purchase a PRIMARY Residence up to 4 units with only 5% down. The maximum financing can go up to the high balance limitations for the area. @Kevin Fox is an experienced and knowledgeable agent in the area that is assisting clients with the multi-family market in the San Diego area. 

No Income Limit Zip Codes; 91905

91906

91909

91910

91911

91934

91941

91945

91946

91947

91950

91951

91963

91976

91977

91979

91980

91987

91990

92004

92008

92018

92019

92020

92021

92022

92025

92026

92027

92028

92030

92033

92036

92049

92051

92054

92055

92058

92060

92065

92066

92068

92069

92070

92078

92079

92083

92084

92085

92086

92088

92090

92092

92093

92102

92104

92105

92108

92110

92113

92115

92116

92138

92139

92143

92149

92154

92162

92165

92170

92173

92174

92176

92195