Buy with as little as 3% down through Freddie Mac Home Possible. Flexible income, cancellable PMI, and VLIP grant pairing for Indiana buyers.
Buy your primary home with as little as 3% down , flexible income sources, and cancellable PMI — Freddie Mac’s affordable conventional path for income-eligible buyers.
Why buyers choose it
Home Possible lowers the cash barrier of a traditional conventional loan without locking you into FHA mortgage insurance for the life of the loan. Ryan and Steve underwrite through Luminate Bank so your AMI, income mix, and VLIP eligibility are checked before you write an offer.
At a glance
Guidelines update with Freddie Mac selling guides. The snapshot below is educational — your pre-approval uses current overlays for credit, AMI, and property type.
Answer a few quick questions about occupancy, income, credit, and down payment — we will screen you against Home Possible guidelines and flag VLIP grant pairing when it applies.
Home Possible requires a primary residence
Investment properties and second homes do not qualify for Home Possible. Ryan and Steve can still walk you through conventional or DSCR options for non-owner-occupied purchases.
Preliminary result
VLIP grant screening ($2,500 credit)
• Income appears above the 80% AMI estimate — standard conventional or other programs may still work.
• Scores below 620 usually need credit strengthening before conventional approval.
• Home Possible requires at least 3% down — DPA programs like VLIP or Chenoa may help bridge the gap.
• As a first-time buyer, plan for a Freddie Mac–approved homebuyer education course before closing.
Educational screening only — AMI limits vary by county and household composition. Final Home Possible eligibility is confirmed during underwriting against current Freddie Mac selling guides.
First-time buyers must complete homebuyer education — we also use this for VLIP grant pairing.
Where are you buying, and what is your household income?
Area:
Home Possible limit for your area: (80% AMI)
Home Possible advantage
Many buyers qualify on paper once every income stream is counted correctly. Home Possible is designed for multi-generational households, side income, and rental potential on the same property.
Stack more savings
Very Low Income Purchase (VLIP) grants can add a $2,500 credit toward down payment, closing costs, pre-paids, or mortgage insurance — when household income is at or below 50% AMI and at least one borrower is a first-time buyer.
If your income qualifies and you are buying a home to live in, Home Possible is often the cleanest Freddie Mac path to low-down conventional ownership — especially when FHA MIP would cost more over time.
Mortgage Knowledge Center
Deep-dive guides covering eligibility, education, documents, PMI, multi-unit purchases, and Home Possible vs HomeReady vs FHA.
Ryan and Steve will check your AMI eligibility, model Home Possible vs HomeReady vs FHA, and see if a VLIP grant lowers your cash to close even further.
Home Possible is a registered trademark of Freddie Mac. All loans are subject to credit and property approval. Program guidelines, income limits, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by Freddie Mac, HUD, or any government agency. Information is for educational purposes only and is not a commitment to lend.