Home Possible loans for eligible Florida borrowers.

One-unit home

Eligible fixed-rate purchases can allow 3% down, subject to underwriting, valuation and lender requirements. Closing costs and any required reserves are additional.

With a non-occupying co-borrower, maximum first-mortgage financing is generally 95% through Loan Product Advisor or 90% with manual underwriting. Eligible one-unit adjustable-rate loans have a 95% maximum; ask which terms the selected lender offers.

Two to four units

You must occupy the property as your principal residence. Eligible fixed-rate financing can reach 95% loan-to-value. Above 80% under the applicable loan-to-value measures, the borrower generally needs a 3% contribution from personal funds. Purchase transactions also require landlord education for at least one qualifying borrower.

Condo or manufactured home

These can qualify under separate property rules. Florida condo reviews may require project financials, insurance, reserves and assessment information. Manufactured-home financing follows its own eligibility and loan-to-value requirements; do not assume the one-unit 3% option applies.

Savings, gifts and grants

For an eligible one-unit home, Freddie Mac does not require a minimum contribution from your own funds. Eligible gifts, grants or subordinate financing can cover permitted costs when the lender accepts and documents them. Gifts require the lender’s gift documentation. A grant’s conditions still matter, and gifts do not automatically replace a required personal contribution on a multi-unit purchase.

Affordable Seconds

An Affordable Second is eligible subordinate financing through an approved assistance program. Eligible sources may include an agency, credit union, certified community development financial institution or qualifying lender program. Property-seller or other interested-party funding is restricted, with specific exceptions under Freddie Mac’s Affordable Seconds rules.

With a qualifying fixed-rate first mortgage, total loan-to-value can reach 105%. When total loan-to-value exceeds 97%, secondary financing must be an Affordable Second. That is combined debt, not a grant or a promise of zero cash at closing.

Review interest, monthly payments, deferral, forgiveness and repayment triggers before accepting assistance. Selling, refinancing or moving out may make a balance due.

Seller credits and sweat equity

Permitted seller credits may offset eligible closing costs, within program limits; they do not replace your down payment. Eligible sweat equity can count toward permitted funds for repairs or improvements documented in the sales contract and appraisal, or shown as outstanding in the appraisal. The labor or materials need an accepted valuation and the work must be certified complete. An informal labor estimate is insufficient, and the credit cannot produce cash back at closing.

Cash on hand and reserves

Freddie Mac permits documented cash on hand for eligible borrowers who customarily use cash, subject to specific verification. Ask the lender before depositing or moving funds. Loan Product Advisor determines reserves for automated loans; manual underwriting requires two months of reserves for two-to-four-unit homes.

Home Possible and HomeReady

HomeReady is Fannie Mae’s separate income-eligible conventional program. Similar down-payment options do not make the underwriting results or pricing identical. Compare actual lender findings for your file.

Above the income limit

Other conventional mortgages may fit. Freddie Mac HomeOne has no income limit and can serve eligible first-time purchase borrowers, with its own property and transaction rules. Our HomeOne versus Home Possible guide explains that choice.

FHA and housing-agency programs

FHA has different credit and mortgage-insurance rules. Home Possible is also distinct from HFA Advantage, a housing-finance-agency mortgage channel. Do not assume a Florida assistance offer can be paired with either loan; check the specific homebuyer program and participating lender.

Underwriting considers the full file

Freddie Mac’s Loan Product Advisor evaluates the application under its automated rules. Manually underwritten loans have separate credit requirements and a maximum 45% debt-to-income ratio. A lender may impose additional standards. Limited credit history is different from missed payments; an advertised score alone cannot establish eligibility.

Roommate income needs an established history

Certain documented rental income can help qualify. Under Home Possible’s specific shared-residence provision, the person must have lived with you for at least a year and continue in the new home. Payment records, relationship restrictions and a 30% qualifying-income cap apply. A future roommate’s promise to pay is not enough. ADU and multi-unit rent follow separate rules.

Complete the right education

For a purchase where all occupying borrowers are first-time buyers, at least one occupying borrower must complete approved homeownership education before the note date. Education also applies when all borrowers establish credit solely through noncredit payment references. Freddie Mac’s free CreditSmart Homebuyer U is an accepted course.

A two-to-four-unit purchase separately requires landlord education for at least one qualifying borrower before the note date. Confirm the accepted provider and keep both certificates when both requirements apply. Assistance programs may impose additional education.