Home Possible Advantage
The Home Possible Advantage In Texas
The HomeSoon Lending Team takes pride in offering state-of-the-art Home Possible Advantage Loans to Texans. With years of experience and a commitment to all borrowers, our team provides access for low and moderate-income residents.
With the help of a Home Possible loan, borrowers can sign up for a mortgage that’s easier to manage and requires minimal contribution. Here’s a detailed look at what makes this one of the best options available for Texans.
What is a Home Possible Loan?
The Home Possible advantage in Texas refers to a specialized mortgage for borrowers.
This loan includes a long list of features including:
- A Reduced Interest Rate for Low-Income Borrowers or Properties in Pre-Determined Areas
- Ability to Pay a 3% Down Payment Without a Borrower Contribution
- Reserves Don’t Have To Be Maintained With Single-Family Properties
- Rental Income Can Be Included From Multi-Unit Properties During the Mortgage Qualification Process
- No Premium on FHA Mortgage Insurance and Private Mortgage Insurance (PMI)
This is an all-encompassing opportunity for individuals wanting to get their hands on a wonderful property without having to foot a large bill. Get started with the Home Possible advantage in Texas and feel in control from day one.
Homeowners also get the chance to optimize their income limits through this program.
For example, all Home Possible mortgages are made available to individuals that are classified as first-time buyers and/or previous homeowners. As long as this is the only property the individual is going to own, they are eligible for the Home Possible lending program. This is a great solution for those wanting to sign up for a good deal without having to compromise on quality.
Borrowers can also apply for refinancing and still qualify for the Home Possible loan.
Please note, there are established income limits in place and they will vary depending on where the property is located. To learn more about what your options are as a borrower and what the process entails, please take the time to reach out to the HomeSoon Lending Team.
Interest Rates for Home Possible Loans in Texas
The interest rate on a Home Possible mortgage is going to differ based on the borrower’s individual financial history. This includes their assets, credit score, loan-to-value (LTV) ratio, and liabilities. Each component plays a role in determining what the final interest rate is going to be and how quickly the loan is processed.
It’s recommended to speak with a qualified loan specialist to learn more about your options and what the final interest rate is going to be. This includes potential features involved in the lending agreement and what your situation is going to require moving forward. All of this information will be provided to you during the application process.
To get started right now, call the HomeSoon Lending Team at 877-712-8490 right now. I will be more than happy to assist with a Home Possible loan and will make sure you as a borrower feel comfortable with the process. Whether it’s a conventional mortgage or a Home Possible loan, we are ready to help out right away.