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Use this tool to verify if a borrower can qualify for a Freddie Mac Home Possible ® mortgage based on the property location and the borrowers' qualifying income. For best results, enter the complete property street address.
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The Freddie Mac Home Possible ® mortgage offers more options...
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Dec 6, 2023 · This determination must take into consideration the general requirements for all stable monthly income in Chapter 5301 as well as the specific requirements applicable to the income and earnings types outlined in Chapters 5302 through 5306.
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Eligible employment and income. Employment and income must meet the following requirements: Income must be from new primary employment or a future salary increase with the current primary employer. Income must be non-fluctuating and salaried (e.g., hourly earnings are not permitted), and.
Rental income may be used in qualifying the borrower(s) provided the requirements of the Freddie Mac Single-Family Seller/Servicer Guide (Guide) Sections 5306.1 and 5306.4* and the documentation requirements contained in Guide Sections 5102.3 and 5102.4 and Chapter 5302 are met.
For all Servicing Guide resources, please visit guide.freddiemac.com
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Debt-to-Income Ratio Calculator. Assess your financial readiness to buy a home. Housing Expense Ratio Calculator. Determine how much of your monthly income goes into your monthly mortgage payment.