Ready to buy a home but don’t have a lot of money to put towards a down payment. With Freddie Mac’s Home Possible Advantage, you can finance up to 97% of the value of the home and use gift funds (e.g. money from relatives), employer assistance programs, and secondary financing to help cover the 3% down payment and closing costs.
The primary reason why people choose this program is for the low down payment and flexible sources for covering the down payment and closing costs.
There are some other big selling points for Home Possible Advantage including the ability to cancel mortgage insurance once the loan balance drops below 80%. And, the minimum credit score requirement is lower than some other low money down products.